Manufacturing expanded in May, as the PMI registered 52.1%, a decrease of 0.7% from the April reading of 52.8%. This is the lowest reading since October 2016, when the index registered 51.7%. “This indicates growth in manufacturing for the 33rd consecutive month. The PMI continued a period of expansion softening that began in August 2018. Softening this month was primarily due to inputs — supplier deliveries and inventories. Three of the big six industries expanded,” says Timothy R. Fiore, chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee. A reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.