Investing.com - Manufacturing activity in the U.S. expanded at a faster pace than expected in May, easing concerns over the health of the economy, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers rose to 52.8 last month from a reading of 51.5 in April. Analysts had expected the manufacturing PMI to edge up to 52.0 in May.
The New Orders Index registered 55.8, an increase of 2.3 points from the reading of 53.5 in April.
The Production Index registered 54.5, 1.5 points below the April reading of 56.0.
The Employment Index registered 51.7, 3.4 points above the April reading of 48.3, reflecting growing employment levels from April.
The Prices Index registered 49.5, 9.0 points above the April reading of 40.5, indicating lower raw materials prices for the seventh consecutive month.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Comments from the panel carry a positive tone in terms of an improving economy, increasing demand, and improving flow of goods through the West Coast ports. Also noted; however, are continuing concerns over the price of the US dollar and challenges affecting markets related to oil and gas industries.
EUR/USD was trading at 1.0936 from around 1.0968 ahead of the release of the data, GBP/USD was at 1.5233 from 1.5266 earlier, while USD/JPY was at 124.32 from 124.02 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.33, compared to 97.07 ahead of the report.
Meanwhile, U.S. equity markets remained mixed. The Dow 30 tacked on 0.25%, the S&P 500 inched up 0.1%, while the Nasdaq Composite shed 0.1%.
Elsewhere, in the commodities market, gold futures traded at $1,201.80 a troy ounce, compared to $1,204.20 ahead of the data, while crude oil traded at $60.50 a barrel from $60.37 earlier.
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U.S. ISM manufacturing PMI rises to 3-month high in May
Published 06/01/2015, 10:02 AM
U.S. ISM manufacturing PMI rises to 3-month high in May
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