ICYMI:🇺🇸 May ISM Mfg Rises to 56.1, Prices Paid Fall to 82.2

• Headline May ISM printed at 56.1, this was higher than the median estimate of 54.5 and the prior month's 55.4

• Leading the rise in the manufacturing sector conditions were inventories +4.3, backlog orders +2.7, and new orders +1.6. Prices paid fell 2.4 points to 82.2.

• The metric is still below its 6-month average of 57.3. The employment index fell to 49.6, the contraction print was the lowest since November 2020. Imports also fell into contraction at 48.7, record the lowest since May 2020