ISM’s encouraging business report was issued by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. One of the report’s key components is the Purchasing Management Index, or PMI, the bellwether gauge that reflects confidence among purchasing executives. The PMI Index currently stands at 59.7, indicating that more than half of purchasing managers survey feel confident and optimistic about manufacturing activity.
"The rate of growth as indicated by the PMI is driven by continued strength in new orders and production,” Ore said. “Employment continues to grow as manufacturers have added to payrolls for six consecutive months.”
According to Ore, the economic recovery continues to broaden as 16 of 18 industries report growth. Among them: Paper Products; Wood Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Computer & Electronic Products; Furniture & Related Products; Miscellaneous Manufacturing; Plastics & Rubber Products; Primary Metals; Printing & Related Support Activities; Chemical Products; Nonmetallic Mineral Products; Machinery; Apparel, Leather & Allied Products; and Food, Beverage & Tobacco Products.
The only industry reporting contraction in May is Petroleum & Coal Products.
The full ISM Report is available online.