Manufacturing Grows at a Slower Pace in May
Manufacturing in the United States grew at a slower pace in May than it did in the previous month. Manufacturers slowed production and reduced inventories as a result of the weak global economy particularly in Europe.
The ISM (Institute for Supply Management) factory index fell for the first time in 10 months to a level of 54.8 high in April. Readings over 50 signal growth. The United States is not alone as manufacturing in China is struggling while economic and political unrest in Europe, Greece, and Spain may have an effect on overall demand.