Tariffs are still wreaking havoc on U.S. manufacturing.
The Institute for Supply Management’s Purchasing Managers Index, or PMI, slipped to 48.5 in May from 48.7 in April. Economists surveyed by FactSet expected a reading of 49.5, so things were a little worse than expected.
A reading above 50 indicates growth. The May reading is the third consecutive reading below that level. The January reading was positive at 50.9, snapping a streak of 26 consecutive months below 50, after all revisions. (ISM revises readings once a year in January.)
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