India, June 2 -- A reading on U.S. manufacturing activity unexpectedly edged slightly lower in the month of May, according to a report released by the Institute for Supply Management on Monday.
The ISM said its manufacturing PMI slipped to 48.5 in May from 48.7 in April, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.5.
With the unexpected decline, the manufacturing PMI dipped to its lowest level hitting 48.4 in November 2024.
The modest decrease by the headline index came as the new orders and production indexes increased but remained in contraction territory.
The new orders crept up to 47.6 in May from 47.2 in April, while the production index climbed to 45.4 in May from 44.0 in Apri...