US manufacturing activity crawls off 11-yr low; construction spending falls

About 21.4 million jobs were lost in March and April and at least another 8 million are expected to have been shed in May

US manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the Covid-19 crisis could take years because of high unemployment.

The Institute for Supply Management (ISM) said on Monday its index of national factory activity rose to a reading of 43.1 last month from 41.5 in April, which was the lowest level since April 2009. A reading below 50 indicates contraction in manufacturing, which accounts for 11% of the US economy.

"Today's report on the manufacturing sector represents good news that hints