U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as ...
WASHINGTON: U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment.
Still, the first increase in the ISM index since January mirrored improvements in regional manufacturing surveys in May and suggested April was the nadir for economic activity. A survey on Monday from data firm IHS Markit also showed stabilization in manufacturing conditions in May.AdvertisementThe improvement was not uniform. Disruptions to the supply chain and social distancing are limiting transportation equipment manufacturers' ability to restart production.
The ISM's measure of factory employment advanced to a reading of 32.1 in May after plunging to 27.5 in the prior month, which was the lowest since February 1949. A separate report from the Commerce Department on Monday showed construction spending dropped 2.9per cent in April, the largest decrease since October 2018, after being unchanged in March.
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