US manufacturing expands to highest level since May 2022: PMI

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Economic activity in the U.S. manufacturing sector expanded in May for the fifth consecutive month to 54%, 1.3 percentage points higher than April and the highest reading since May 2022, according to the Institute for Supply Management’s latest Purchasing Managers’ Index.

The overall economy grew for the 19th month in a row, ISM reported. A PMI index below 50% indicates an industry in contraction.

The S&P Global US Manfacturing PMI showed a slightly higher rate of expansion, registering 55.1, up from 54.5 in April.

“Not only are we in the fifth month of expansion, but the indices are all going in the right direction,” Susan Spence, chair of ISM’s Manufacturing Business Survey Committee, said during a media call on Monday.