The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) for May was 55.1, rising 0.6 points from April and marking the tenth consecutive month above the 50-growth point and the healthiest reading since May 2022. Manufacturers reported the growth in new orders and output was largely driven by increased purchasing and inventory building to alleviate supply chain issues and rising prices.
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. See S&P Global