Construction Spending: 0.5% (esp. 0.6%)

ISM Manufacturing: 51.4 (esp: 52.0)

ISM Prices Paid: 58.0 (esp: 67.5)

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Manufacturing growth slows

ISM says expansion reaches two-year mark, but pace is weakest since June 2003.
June 1, 2005: 10:07 AM EDT

NEW YORK (CNN/Money) - Growth in the manufacturing sector slowed more than expected in May, according to a survey of industry executives released Wednesday, with the pace being the lowest since an expansion began just about two years ago.

The survey by the Institute of Supply Management produced an manufacturing index of 51.4 in the month, down from the 53.3 reading in April.

Any reading above 50 indicates growth in the sector, and the April number represented the 24th straight month of growth in the sector. But it was also the weakest growth since June 2003, when the expansion in manufacturing was just getting started.


Economists surveyed by Briefing.com had forecast that the May index would come in at 52.