June 1 (Bloomberg) -- Manufacturing in the U.S. expanded in May for a 10th month as factories continued to help propel the economic recovery. The Institute for Supply Management’s manufacturing gauge fell to 59.7, higher than forecast, from 60.4 in April, which was the highest level in almost six years. Readings greater than 50 point to expansion.
Economists forecast the gauge would fall to 59, according to the median of 76 projections in a Bloomberg News survey. Estimates ranged from 56 to 62.
Other reports today showed manufacturing growth from China to the euro region weakened in May. The Purchasing Managers’ Index for China fell to 53.9 in May from 55.7 in the previous month, the Federation of Logistics and Purchasing said. A separate index released by HSBC Holdings Plc and Markit Economics fell to the lowest level in a year.
A gauge of manufacturing in the 16-member euro region declined to 55.8 from 57.6 the previous month, London-based Markit Economics said. That’s below an initial estimate of 55.9 released on May 21.
