MW; U.S. May ISM factory index highest since Sept.
WASHINGTON (MarketWatch) - The nation's manufacturers continued to cut back production in May, but not as rapidly as during the worst of the downturn, the Institute for Supply Management reported Monday. The ISM index rose to 42.8% in May from 40.1% in April. The rise was stronger than expected and the strongest since September. The consensus forecast of estimates collected by Marketwatch was for the index to rise to 42.0%. Readings below 50 indicate contraction. The index has been below 50% for 16 straight months. The ISM index has been improving slowly since hitting a low of 32.9 in December. A key sub-index, new orders, rose to 51.1% in May.
