PMI jumps to 59.0 in May suggesting manufacturing growth
The Purchasing Managers Index (PMI) for Puerto Rico’s manufacturing sector rose to 59.0 in May, remaining above the threshold value of 50 for the ninth consecutive month, suggesting an expansion in the manufacturing.
In May, all of the sub‐indexes of the PRM‐PMI were above the threshold value of 50. In addition, every sub‐index, except the suppliers deliveries sub‐index, moved up, the data gathered jointly by the Puerto Rico Manufacturers Association, Scotiabank, and the Puerto Rico Institute of Statistics showed.
According to the data, the new orders and production sub‐indexes showed the biggest increases, jumping to 64.1 and 66.7 in May, respectively. While new orders has remained above the threshold for 10 consecutive months, production has also remained above 50 for five straight months.
The PRM‐PMI has been at or above the threshold value in 20 of the 25 months since the survey was first undertaken. The PRM‐PMI is currently available only on a Non‐Seasonally Adjusted (NSA) basis, which means that seasonal fluctuations can affect its performance.
In May, employment PMI increased above the threshold to 55.1, while supplier deliveries edged down to 51.3 in May, but remained above the threshold for its sixth consecutive month.
Finally, the own inventories PMI rose above the threshold level to 57.7, for the first time in three consecutive months. Inventories in manufacturing establishments in May were higher than in April, the study showed.