Local manufacturers said factory growth slowed a bit during May as the robust flow of new orders over the past two years came to an abrupt halt.
The report by the Institute of Supply Management – Buffalo showed that the factory sector continues to expand, although the pace of that growth cooled slightly, despite increases in both production and hiring.
“Overall, these results appear favorable,” said Jay K. Walker, the Niagara University economist who compiles the report. “This month’s softness in new orders will be something to watch.”
The group’s business activity index dipped to 61.1 in May, down from 64.4 in April. Any reading above 50 is a sign of an expanding economy.