BLBG: U.S. Manufacturing Growth Slows More Than Estimated as ISM Index Hits 53.5
The Institute for Supply Management’s factory index fell to 53.5 in May from 60.4 the prior month, the Tempe, Arizona-based group said today.
Economists projected the gauge would drop to 57.1, according to the median forecast in a Bloomberg News survey. Estimates of the 83 economists polled ranged from 53 to 60.
Employment increased by 38,000 workers last month, less than forecast and the smallest increase since September, according to figures from ADP Employer Services. The median estimate in the Bloomberg survey called for a 175,000 advance for May.
Planned firings dropped 4.3 percent to 37,135 last month from May 2010, according to figures from Chicago-based Challenger, Gray & Christmas Inc. Government and nonprofit agencies had the most cutbacks.
To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
