FXStreet (Mumbai) – The US Institute for Supply Management (ISM) manufacturing index released on Monday showed the manufacturing sector expanded in May for the 29th consecutive month, and the overall economy grew for the 72nd consecutive month.
The ISM rose to 52.8 in May, bettering the estimate of 52.00 and up from March’s 51.5. The SIM report reveals the New Orders Index rose to 55.8 from 53.5 in April. The Production Index dropped to 54.5 from the April reading of 56.00. The Employment Index rose to 51.7 from the April reading of 48.3, reflecting growing employment levels since April.
The Prices Index rose to 49.5 from 40.5 in April. Survey respondents said the exchange rate on the dollar is hurting sales (Computer and electronic products) in Asia. The conversion rate is lowering their profit in Europe where we sell in Euros.
(Market News Provided by FXstreet)