Monthly data shows manufacturing growth slows substantially
The latest data from the Institute for Supply Management (ISM) shows that U.S. manufacturing growth slowed substantially in May. The ISM index fell to 53.5, a drop of 6.9 percentage points from the April reading of 60.4 percent. It is the first reading below 60 percent for 2011, as well as the lowest PMI reported for the past 12 months.
Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM), commented:
"This slowdown shows that we cannot take growth in manufacturing for granted. Our nation urgently needs a jobs and manufacturing strategy, yet it is nowhere on the agenda of this Congress. We have put together a business-labor plan that enjoys broad support from voters. Now we hope Washington will start to listen. We will never rebuild our economy without strengthening manufacturing in our nation."