U.S. May ISM Manufacturing PMI 48.5…Below Market Expectations

The United States' May ISM Manufacturing Purchasing Managers' Index (PMI) came in below expectations.

On the 2nd (local time), according to the Manufacturing PMI report released by the Institute for Supply Management (ISM), the U.S. manufacturing PMI for May was 48.5, missing both the expected value (49.3) and last month's figure (48.7).

The report stated, "The manufacturing sector has continued its contraction trend for three consecutive months," but also noted, "Overall, the U.S. economy is maintaining an expansion trend for 61 straight months."

ISM calculates the PMI by conducting a monthly survey evaluating manufacturing business conditions among 400 companies across 20 industries. If the index is above 50, it suggests more respondents expect expansion; if below 50, it suggests more expect contraction.

Meanwhile, the final reading for the S&P Global Manufacturing Purchasing Managers' Index was also 52.0, narrowly missing Wall Street's expectation (52.3).