U.S. manufacturing continued to churn higher in May, according to a survey of purchasing managers released Thursday.
The Institute for Supply Management said its manufacturing index edged up a 10th of a point to 54.9%. Economists polled by MarketWatch expected a reading of 55%. Readings above 50% indicate expansion.
“Sales have picked up compared to the last two months. Customer demand has increased,” said one manager in the plastics and rubber-products field. One manager referred to business as “booming,” while another sounded concerns about the political environment. Of the 18 industries surveyed, 15 reported growth in May.
The subcomponents of the survey were generally stronger, with the new-orders component rising 2 points to 59.5%, while the prices component dropped 8 points to a reading of 60.5%.