U.S. Manufacturing Stabilizing at Depressed Level, ISM Data Show
- Purchasing managers gauge improves slightly from 11-year low
- Six manufacturing industries reported growth last month
A closely watched measure of U.S. manufacturing rose in May for the first time in four months, suggesting the industry is beginning to stabilize at a depressed level after a pandemic-driven plunge.
The Institute for Supply Management said Monday that its gauge improved to 43.1 last month from an 11-year low of 41.5 in April. Readings below 50 indicate shrinking activity. The purchasing managers group’s gauges of production and factory employment edged up from multi-decade lows, while an index of orders rose after the largest single-month slump since 1951.