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International
ISM US Manufacturing Index Indicates Faster Expansion in May, Highest Since May 2022.
The Institute for Supply Management's US manufacturing index rose to 54.0 in May from 52.7 in April, compared with expectations for a smaller increase to 53.0 reading in a survey compiled by Bloomberg as of 7:30 am ET.The index indicates faster expansion, and it is the highest reading since May 2022.There were gains in the readings for new orders, production, employment and order backlogs, but a decline in the prices reading.The monthly national manufacturing reading from the Institute for Supply Management is reported as a headline index, with readings above 50 indicating expansion and those below 50 indicating contraction. Component indexes measure new orders, production, employment, and prices.An increase in the index further above 50 is considered a sign of a strong US manufacturing sector, generally a positive for manufacturing industry stocks. However, if that strength comes with rising input prices due to shortages, that could be a negative for stocks as well as bonds.
International
April US Construction Spending Rises, Residential Building Up
US construction spending rose by 0.4% in April, compared with a 0.3% increase expected in a survey compiled by Bloomberg and following a downwardly revised 0.2% increase in March.Private residential construction rose by 0.8%, with single-family home construction increasing 1.4% and multi-family construction declining by 0.3%.Private nonresidential construction fell by 0.2%, while public construction rose by 0.4%.
International