ISM Manufacturing Weaker Than Expected

Today's ISM Manufacturing report for the month of May came in modestly weaker than expected (53.5 vs. 53.8), although given the weaker tone of other global PMI indices, it probably could of been worse.  The table below highlights the change over the last month and year for the overall index and each of its subcomponents.  As shown, there is not much to get excited about.  The only component that rose this month was New Orders (from 58.2 to 60.1).  Furthermore, five of the of the ten subcomponents are currently below 50 which is the dividing line between growth and contraction.  Charts of the ISM headline index and each subcomponent are included below.

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