Factory activity itself continued to contract in May, according to the Institute of Supply Management’s survey of manufacturers.
But the pace of the contraction eased in May, lifting the ISM manufacturing index to 43.1 from an 11-year low of 41.5 in April.
“Increased COVID-19 sales in the food business has really stressed our production capabilities,” a food industry executive said.
Around the world, manufacturing surveys indicate that contractions continue or even deepen.
Germany’s Purchasing Managers Index from IHS Markit, a data firm that conducts surveys around the world, improved slightly but remains in contraction territ0ry.