WASHINGTON — The Institute for Supply Management twice corrected its May manufacturing index Monday to show that factories grew at a strong pace during the month. The original report said that manufacturers had expanded at a weaker pace.
The index, a widely followed gauge of factory activity, now reads 55.4, up from 53.2 in the initial report. Any reading above 50 indicates expansion.
The corrected figures indicate manufacturing is expanding at a healthy pace and should help the economy rebound after a weak start to the year. Nearly all of the 18 industries tracked by the index reported growth, led by furniture, electrical equipment, and appliances.