Manufacturing in the U.S. unexpectedly contracted in May at the fastest pace in four years, indicating industry will provide scant support for the world’s largest economy.
The Institute for Supply Management’s factory index fell to 49 from the prior month’s 50.7, the Tempe, Arizona-based group’s report showed today. Fifty is the dividing line between growth and contraction, and last month’s reading was the lowest since June 2009. The median forecast of 81 economists surveyed by Bloomberg was 51.
Sorry for the lame Star Wars reference, but I’m all out of “unexpectedly” jokes.