May manufacturing continues to grow along with new export orders, as imports slide
June 13, 2022 - According to the June Institute for Supply Management’s Report on Business (ISM), US manufacturing recorded the 24th consecutive month of growth.
Exports grew to 52.9 in May, slightly higher that the April reading of 52.7, while imports sank to 48.7 in May from 51.4 in April.
In the 9-state Heartland region, Creighton University’s Ernie Goss, Ph.D., reported that “Despite supply chain bottlenecks, regional export numbers continued to be positive for the month.” The new export orders index grew to 63.4 in May, up from 61.6 in April, while the regional import reading sank to 47.5 in May, down significantly from the April growth rate of 59.5.
Any number of 50.0 or above indicates growth. The regional readings mirrored the national numbers. “With this decline in imports, it in fact signals a reduction in the overall US trade deficit,” said Fred Baehner, publisher of IBNewsmag.