The Institute for Supply Management's May 2009 Manufacturing Report on Business reports that their index increased to 42.8 — its highest level since September — compared with 40.1 in March. While a reading below 50 still indicates contraction in the manufacturing sector, new orders increased 3.9%, moving from contraction in April to growing in May. Inventories continued a 37-month contraction trend.
On an individual industry basis, five industry groups--Nonmetallic Mineral Products; Plastics & Rubber Products; Machinery; Food, Beverage & Tobacco Products; and Printing--were reported as expanding, while the balance of 13 industry groups--Textile Mills; Furniture & Related Products; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Primary Metals; Transportation Equipment; Computer & Electronic Products; Wood Products; Apparel, Leather & Allied Products; Miscellaneous Manufacturing; Chemical Products; Petroleum & Coal Products; and Paper Products--continued to contract.
Overall, the indications are that while manufacturing continues to slow, the rate of decline is leveling out and some industries are beginning to see signs of recovery.
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