On the manufacturing front, the US factory index of the Tempe-based Institute for Supply Management rose more than two points to 42.8 in April from 40.1 in March. The figure was half a point higher than economists had forecast, meaning US manufacturing, though still losing ground, shrank at a slower rate than anticipated.
Other ISM indexes were also up from a month earlier, with the production index rising to 46 from 40.4 and the export orders index climbing to 48 from 44. The production index reading was the highest since August. Perhaps most importantly, the new-orders index jumped to 51.1 from 47.2. Readings of less than 50 for all measures show contraction, while readings above 50 show growth.
Some freight sectors also appear to be picking up. The May index of US domestic shipping from Cass Information Systems Inc. in Bridgeton, MO, though down 21.4% compared to a year earlier, was up 4% percent compared to April. Cass analysts say the change suggests the decline in the freight transportation economy has begun to level off. The index fell a record 25% percent in April on a year-over-year basis.
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