The S&P Global Flash U.S. Manufacturing PMI declined from 59.2 in April to 57.5 in May, a three-month low,” said Moutray.

  • “New orders (down from 59.0 to 56.9), output (down from 57.6 to 55.2) and exports (down from 56.4 to 52.3) slowed in May.”
  • “As such, manufacturing activity continued to expand somewhat modestly but pulled back on global challenges and ongoing supply chain, workforce and inflationary pressures.”
    Challenges continue: “Raw material costs (up from 81.9 to 84.9) accelerated once again, rising at a pace not far from November’s record (87.6),” said Moutray.

What’s ahead: “Still, the index for future output (down from 73.6 to 70.3) signaled optimism about production growth moving forward despite pulling back a little in May’s survey,” said Moutray.