The report was issued today by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "The manufacturing sector grew for the 10th consecutive month during May. The rate of growth as indicated by the PMI is driven by continued strength in new orders and production. Employment continues to grow as manufacturers have added to payrolls for six consecutive months. The recovery continues to broaden as 16 of 18 industries report growth. There are a number of reports, particularly in the tech sector, of shortages of components; this is the result of excessive inventory de-stocking during the downturn."
The report also contains anecdotal statements from participants:
- "Tight supply conditions exist for electronic components." (Computer & Electronic Products)
- "No signs of the ramp-up abating anytime soon." (Machinery)
- "Volatility of steel and steel-making components is forcing us to raise prices on our shipped goods to automotive customers." (Fabricated Metal Products)
- "Aftermarket sales increased 25 percent during the past quarter." (Transportation Equipment)
- "Sales exceeded budget for the fourth consecutive month." (Food, Beverage & Tobacco Products)
All of those statements are bullish.
Here is a chart of the overall number:
Simply put, that's a very strong and encouraging graph of numbers, and it indicates the manufacturing sector is doing very well.