American manufacturing on 21-month winning streak

By Paul Wiseman, The Associated Press | June 1, 2018 | Last updated on June 1, 2018
1 min read

U.S. manufacturers expanded at a faster pace last month, another sign of strength for American industry.

The Institute for Supply Management, a trade group of purchasing managers, reports that its manufacturing index rose to 58.7 in May from 57.3 in April. Anything above 50 signals growth.

American manufacturing is enjoying a 21-month winning streak.

New orders, production and hiring all grew faster. Export orders grew more slowly than they did in April.

Sixteen of 18 manufacturing industries expanded, led by textile mills and producers of nonmetallic minerals.

Factories are benefiting from healthy economic growth in the United States and around the world.

In another sign of strength, the Labor Department says that employers added 223,000 jobs in May and the unemployment rate fell to an 18-year low of 3.8%.

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Paul Wiseman, The Associated Press

Paul Wiseman is a reporter with The Associated Press,  an American not-for-profit news agency headquartered in New York City and founded in 1846.