U.S. Manufacturing Shrank Less Than Forecast in May

Manufacturing in the U.S. shrank less than forecast in May as new orders increased for the first time since the recession began, a sign that companies are growing more confident the slump will end this year.

The Institute for Supply Management’s factory index rose to 42.8 from 40.1 in April. Readings of less than 50 on the Tempe, Arizona-based group’s gauge signal a contraction. The new-orders measure jumped to 51.1 from 47.2.

More companies are recovering from the cuts in output and payrolls that came after Lehman Brothers Holdings Inc.’s collapse last September deepened the economic downturn. Still, the bankruptcies of automakers Chrysler LLC and General Motors Corp. may ripple through the economy, increasing unemployment and tempering any growth rebound later this year.

Read Full Article from Bloomberg

- Posted: 2009-06-01 10:43:48

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