Economic activity in the manufacturing sector expanded in May for the 34th consecutive month, and the overall economy grew for the 36th consecutive month, according to the latest Manufacturing ISM Report On Business. The Electrical Equipment, Appliances & Components sector was among the 13 manufacturing industries (out of 18 total tracked by ISM) that reported growth in May. The report is based on surveys of industry supply executives.
"The PMI registered 53.5%, a modest decrease of 1.3 percentage points from April's reading of 54.8%, indicating expansion in the manufacturing sector for the 34th consecutive month," said Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The New Orders Index continued its growth trend for the 37th consecutive month, registering 60.1% in May. This represents an increase of 1.9 percentage points from April and also the highest level recorded by the index since April 2011. The Prices Index for raw materials fell to 47.5% in May, dropping 13.5 percentage points from April, indicating lower prices for the first time since December 2011. Comments from the panel generally reflect stable-to-strong orders, with sales showing steady improvement over the first five months of 2012."
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