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Expand chart
Data: ISM, Investing.com; Chart: Andrew Witherspoon/Axios

The U.S. has managed to largely avoid the slump that has hit manufacturing industries this year, but May's reading of both the IHS Markit and ISM PMI numbers shows luck may be running out quickly.

Threat level: The IHS Markit manufacturing index hit its lowest since September 2009, holding just above a level indicating the sector is shrinking, which it hasn't done since the financial crisis.

  • The ISM manufacturing index showed U.S. industry slowed to its weakest pace since October 2016.

The big picture: A reading on global PMI released Monday showed manufacturing is falling into contraction for the rest of the world.

  • "Business conditions deteriorated to the greatest extent in over six-and-a-half years, as production volumes stagnated and new orders declined at the fastest pace since October 2012," representatives from IHS Markit and JPMorgan, who jointly produce the survey, said in a statement.

The bottom line: May marked the 9th straight month manufacturing growth has contracted. Business optimism fell to its lowest level since future activity data were first collected in July 2012.

Go deeper: China's manufacturing rises as U.S., Japan and Europe fall

Go deeper

4 hours ago - World

Over 170 Palestinians injured in clashes with Israeli police in Jerusalem

An injured man is carried away as Israeli security forces clash with Palestinian protesters at the al-Aqsa mosque compound in Jerusalem. Photo: Ahmad Gharabli/AFP via Getty Images

At least 178 Palestinians have been injured in clashes with Israeli police in Jerusalem, Reuters reported late Friday.

The big picture: The clashes come amid growing anger over the threatened eviction of Palestinians from their homes on land claimed by Jewish settlers in East Jerusalem. Tensions have also escalated in the occupied West Bank in recent weeks.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hit a seven-month low — Majority back vaccine proof requirements for travel, schools and work — The race to avoid a possible "monster" COVID variant.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations — Americans' return to the skies could benefit smaller airlines.
  5. World: WHO authorizes China's Sinopharm COVID-19 vaccine for emergency use — Mixed response in Europe to Biden's vaccine patents bombshell.
  6. Variant tracker: Where different strains are spreading.

Ohio GOP censures Rep. Anthony Gonzalez over Trump impeachment vote

Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The Ohio Republican Party on Friday censured Rep. Anthony Gonzalez (R-Ohio) and called for him to resign for voting to impeach former President Trump in January, Reuters reports.

The big picture: Gonzalez is the latest Republican lawmaker to be punished for voting to impeach the former president on a charge of inciting the deadly Jan. 6 insurrection.

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