The ISM manufacturing index was down for May, the PMI up. Average up a touch, but down on March.
Do these data change my perception of how the US economy is moving? No. The economic recovery continues. Monthly data always show random month-to-month fluctuations. That's why, in this case, I combine the PMI and the ISM indices. Often their random fluctuations offset each other, as indeed happened in May.
As always, the line to watch is the thick green one.
