Updated: 01-Jun-26 10:34 ET

May ISM Manufacturing Index

Updated: 01-Jun-26 10:34 ET

Highlights

• The ISM Manufacturing Index hit 54.0% in May (Briefing.com consensus 53.1%), up from 52.7% in April.
• The dividing line between expansion and contraction is 50.0%, so the May figure suggests an acceleration in the rate of change in manufacturing activity compared to April.

Key Factors

• The New Orders Index increased to 56.8% from 54.1%.
• The Production Index rose to 54.3% from 53.4%.
• The Prices Index fell to 82.1% from 84.6%.
• The Employment Index rose to 48.6% from 46.4%.
• The Backlog of Orders Index rose to 52.2% from 51.4%.
• The Supplier Deliveries Index remained at 60.6%.
• The New Export Orders Index increased to 50.6% from 47.9%.

Big Picture

• The key takeaway from the report is that it continued showing some stagflationary elements for the second consecutive month, as employment remained in contraction-though at a slower rate-while the prices index only dipped slightly from its sharpest increase since early 2022.

Category	MAY	APR	MAR	FEB	JAN
Total Index	54.0	52.7	52.7	52.4	52.6
Orders	56.8	54.1	53.5	55.8	57.1
Production	54.3	53.4	55.1	53.5	55.9
Employment	48.6	46.4	48.7	48.8	48.1
Deliveries	60.6	60.6	58.9	55.1	54.4
Inventories	49.9	49.0	40.1	48.8	47.6
Export Orders	50.6	47.9	49.9	50.3	50.2
Prices paid (not seas adj)	82.1	84.6	78.3	70.5	59.0