The Institute for Supply Management’s Manufacturing Report On Business Survey. (Photo: REUTERS) The Institute for Supply Management’s (ISM) Manufacturing Report On Business Survey rose slightly in May to a reading of 52.8, up from 51.5 in April. The ISM survey barely beat out the MarketWatch-compiled economist survey for a reading of 51.8, though any reading over 50 indicates expansion. The new orders component rose 2.3 points to 55.8, and the employment index also improved. Still, the survey wasn’t very upbeat and followed disturbing data from the Midwest last week. The Institute for Supply Management-Chicago’s gauge of factory activity in the Midwest region fell to 46.2 in May from 52.3 the month prior, with every single subindex falling into contraction territoy. Wall Street, which had expected April’s rebound to hold, forecast the gauge to rise to 53.
