The Institute for Supply Management released its closely watched PMI Report on Manufacturing for May indicating continued growth in manufacturing across the United States. The PMI Index was up 0.5 points from April to 61.2 in May with 16 of 18 manufacturing sectors reporting growth. But this expansion does not come without challenges. According to ISM, “companies and suppliers continue to struggle to meet increasing levels of demand. Record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy. Worker absenteeism, short-term shutdowns due to part shortages, and difficulties in filling open positions continue to be issues that limit manufacturing-growth potential.” See the full report here.
