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May 2006 Manufacturing ISM Report On Business: PMI at 54.4%

Monday, June 05, 2006

Press release from the issuing company

(Tempe, Arizona) — Economic activity in the manufacturing sector grew in May for the 36th consecutive month, while the overall economy grew for the 55th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business. The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "The manufacturing sector grew once again in May, but the rate of growth as measured by the PMI slowed somewhat during the month. The slower growth is evidenced by a significant loss of momentum in the last four months as the New Orders Index has slipped from 61.9 percent in February to 53.7 percent in May. Prices, driven by raw materials costs, are a concern." TOP PERFORMING INDUSTRIES The 13 industries reporting growth in May — listed in order — are: Miscellaneous*; Industrial & Commercial Equipment & Computers; Primary Metals; Tobacco; Apparel; Instruments & Photographic Equipment; Paper; Food; Chemicals; Wood & Wood Products; Transportation & Equipment; Electronic Components & Equipment; and Furniture. WHAT RESPONDENTS ARE SAYING ... * "Continued concerns regarding inflation, centered around the extreme high price of crude oil and related energy products." (Chemicals) * "April was a 19-day work month, so monthly figures were not records, but on a per day basis, many production records were set." (Electronic Components & Equipment) * "Commodity prices are at record high levels and many are going on allocation." (Fabricated Metals) * "Current estimates are that the Yuan will appreciate 5 - 15%, thus increasing prices for products supplied out of China." (Rubber & Plastic Products) * "Fuel surcharges now up to 19.8%." (Transportation & Equipment)




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