The ISM reported its May 2011 purchasing managers' index (PMI) for manufacturing at 53.5%. This is a 6.9-point drop from April's 60.4% and the largest month-to-month decline since January 1984. New orders for all manufacturing industries fell 1.2% in April; in the year to date, orders were up 11.8% from the comparable year-earlier period. New orders for durable goods fell 3.6% in April, but durable orders saw major advances in March, so April's slide does not indicate a weaker trend. Besides, nondurable goods orders saw a gain (up 0.6%).
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