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US manufacturing index accelerates; Canadian manufacturing at four-month low

June 02, 2014

The Institute for Supply Management’s purchasing managers index for U.S. manufacturing rose to a reading of 55.4 percent in May. The reading indicates expansion at a slower pace than indicated by April’s reading of 54.9 percent. However, readings above 50 indicate growth.

The institute issued a corrected press release this morning indicating the PMI was 55.4 for May. Its research team is analyzing the process.

Canadian manufacturing business conditions continued to expand in May but at the slowest pace since January, according to the Royal Bank of Canada’s Canadian manufacturing purchasing managers’ index. May’s reading of 52.2 is down from April’s reading of 52.9, although it is still above the 50.0 no-change mark. The RBC PMI is a monthly survey conducted in association with Markit, a financial information services company, and the Supply Chain Management Association. Despite a slowdown in output growth during May, latest data signaled a slight acceleration in the rate of job creation across Canada’s manufacturing sector, according to the report. The seasonally adjusted employment index was above the neutral 50.0 value for the fourth successive month and the latest reading was the highest since November 2013.