Investing.com - Manufacturing activity in the U.S. contracted unexpectedly in May, underlining concerns over the fragile U.S. economic recovery, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 49.0 in May from a reading of 50.7 in April.
Analysts had expected the ISM index of purchasing managers to hold steady at 50.7 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices fell to 49.5 from 50.0 in April. The New Orders Index registered 48.8, while the Employment Index declined to 50.1.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.26% to trade at 1.2961.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average added 0.3%, the S&P 500 index dipped 0.1%, while the Nasdaq Composite index shed 0.3%.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 49.0 in May from a reading of 50.7 in April.
Analysts had expected the ISM index of purchasing managers to hold steady at 50.7 last month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices fell to 49.5 from 50.0 in April. The New Orders Index registered 48.8, while the Employment Index declined to 50.1.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.26% to trade at 1.2961.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average added 0.3%, the S&P 500 index dipped 0.1%, while the Nasdaq Composite index shed 0.3%.