Economic activity in the manufacturing sector grew in May, with the overall economy notching a 12th consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: "The May Manufacturing PMI® registered 61.2 percent, an increase of 0.5 percentage point from the April reading of 60.7 percent. This figure indicates expansion in the overall economy for the 12th month in a row after contraction in April 2020. The ... (full story)

With 'hard' data serially disappointing over-exuberant expectations for the last few months, 'soft' surveys continue to offer 'hope' (albeit mixed) for recovery-hyping equity bulls that the vast gap between the market and economic reality will somehow be filled. After ISM's surprise tumble last month (and PMI's ongoing rise in flash data), the final data for May was expected to show marginal improvements for both manufacturing surveys. • Markit US Manufacturing PMI beat expectations, rising from 60.5 for April and from 61.5 flash for May to a final 62.1 for May - a record high. • ISM Manufacturing beat expectations, ... (full story)