U.S. Manufacturing Gauge Rises To Highest Level in Four Years

The Institute for Supply Management said that its manufacturing index rose 1.3 points to 54, the best reading since May of 2022. This beat the highest estimates in Econoday’s survey of economists. The median expectation was for a reading of 53.4 percent.

The index of new orders, a closely watched measure of demand, signaled expansion for the fifth straight month and rose 2.7 percentage points to 54.3 percent in May. The production index rose nine-tenths of a point to 54.3 percent, the seventh consecutive month of expanding production.

Readings above 50 in the headline purchasing managers index indicate expansion for the manufacturing sector…

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