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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

Updated 59 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 33,362,341 — Total deaths: 1,001,800 — Total recoveries: 23,153,572Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,149,073 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

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Attorney Ben Crump places his hands on the shoulders Tamika Palmer, Breonna Taylor's mother, near a mural of her daughter at Jefferson Square Park on Sept. 25 in Louisville, Kentucky. Photo: Michael M. Santiago/Getty Images

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Driving the news: Cameron's announcement late Monday came hours after a judge granted an unnamed juror's court motion seeking the release of last week's transcripts and related recordings.

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