U.S. manufacturers grew at a slower pace in May, as production levels fell slightly.
The Institute for Supply Management, an association of purchasing managers, says that its manufacturing index slipped to 52.1 last month, down from 52.8 in April. Any above 50 signals an expansion in manufacturing. The sector has been reporting growth for 33 months.
Still, multiple companies surveyed for the index said that import taxes imposed by President Donald Trump on China were a concern.
One chemical company surveyed said they would shift business from China to Mexico. But that move could be complicated by Trump announcing last week that he would apply tariffs to Mexican imports to force that country to stop immigrants and drugs from crossing the southern border with the United States.
