ISM May Manufacturing PMI Ticked Up To 61.2 vs Apr 60.7

US ISM NEW ORDERS INDEX 67.0 MAY VS 64.3 APR

US ISM EMPLOYMENT INDEX 50.9 MAY VS 55.1 APR

US ISM PRODUCTION INDEX 58.5 MAY VS 62.5 APR

US ISM SUPPLIER DELIVERY INDEX 78.8 MAY VS 75.0 APR

US ISM INVENTORIES INDEX 50.8 MAY VS 46.5 APR

• The ISM Mfg PMI edged 0.5pt higher in May to 61.2, showing a 2-month high and coming in slightly above market forecasts (BBG: 61.0).
• May's uptick was led by an increase of Inventories (+4.3pt), Supplier Deliveries (+3.8pt) and New Orders (+2.7pt) with Supplier Deliveries rising to the highest level since Apr 1974.
• While Inventories shifted back above the 50-mark, New Orders recorded a 2-month high.
• Meanwhile, Employment (-4.2pt) and Production (-4.0pt) fell for the second successive month and showed the lowest level since Nov 2020 and Jun 2020, respectively.
• Among the other categories, Order Backlogs saw the largest gain, up 2.4pt to 70.6 and posting a series high.
• Both imports and exports edged up in May to 54.0 and 55.4, respectively.
• While Customer's inventory eased 0.4pt to 28.0, hitting a new record low, Prices ticked down 1.6pt to a 2-month low of 88.0 and came in weaker than expected (BBG: 89.3)