By Greg Robb
WASHINGTON (MarketWatch) - Conditions for the nation's manufacturers slipped in May after reaching its highest level since last summer in April, the Institute for Supply Management reported Friday. The ISM index fell to 53.5% in May from 54.8% in April. This was weaker than expected. The consensus forecast of estimates collected by MarketWatch was for the index to fall to 54.0%. Readings above 50 indicate expansion. Below the headline, the report had some strong elements. The new-orders index rose to 60.1% in May from 58.2% in the prior month. The employment index slipped to 56.9% in May from 57.3% in April. Production fell 5 points to 55.6% while prices dropped sharply.
