The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in May was 48.4, dipping 1.8 points from April. Manufacturers reported a decline in new orders, the most significant drop in three months.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. IHS Markit and S&P Global merged in 2022. See S&P Global