ISM Manufacturing Index Slips in May

U.S. manufacturing activity slowed in May but showed continued expansion, the Institute for Supply Management said Friday.

ISM’s monthly factory index slipped to a reading of 53.5, from 54.8 in April, the group said in its monthly report. Figures over 50 indicate expansion.

The reading was slightly below economists’ projections of decline to a 53.8, Bloomberg reported.

The production index fell 5.4 to 55.6, while new orders improved 1.9 to 60.1, ISM said.

May marked the index’s 34th straight month of expansion.

ISM’s factory index measures manufacturing components of the economy.