ISM manufacturing PMI rises to 61.2, May PMI at 62.1, strongest in 14-years

• May ISM Manufacturing Index: 61.2 vs. 60.9 expected and 60.7 prior.
• That's the twelfth consecutive month in expansion territory.
• New Orders rose to 67.0 from 64.3; Production dipped to 58.5 from 62.5; Employment fell to 50.9 from 55.1.
• Supplier deliveries, meanwhile, rose to 78.8 from 75, indicating that pretty much no one is able to get their hands on any inventory right now.
• "Manufacturing performed well for the 12th straight month, with demand, consumption and inputs registering strong growth compared to April. The manufacturing recovery has transitioned from first addressing demand headwinds, to now overcoming labor obstacles across the entire value chain," said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee. 

• May PMI Manufacturing Index: 62.1 vs. 61.5 prior
• The increase in business activity indicated among U.S. manufacturers was among the strongest in the 14-year series history.
• The increase in output was widely attributed to stronger client demand and a further marked rise in new order inflows.
• Led by  domestic and foreign client demand, new orders increased at the fastest pace on record in May.
• Additionally, backlogs of work rose at an unprecedented pace.
• In order to protect against future supply shortages, firms increased their input buying activity markedly; pre-production inventories were built at the fastest rate on record, but stocks of finished goods fell further as holdings were used to supplement production.
• Supply issues weighed on business confidence in May.