Reported 2 months ago
Manufacturing activity continued to decline in May, with the Institute of Supply Management's PMI dropping to 48.5, indicating ongoing contraction for the third consecutive month. Chair of the ISM Manufacturing Business Survey Committee, Susan Spence, noted that concerns over tariffs were the primary worry among panelists, with many likening their impact to that of the COVID pandemic. As demand weakens, layoffs are increasing, and while some companies remain hesitant to hire amidst the uncertainty, the overall sentiment in manufacturing remains negative.
Source: YAHOO