TEMPE, AZ -- US manufacturing economic activity expanded in May for the 34th consecutive month, and the overall economy grew for the 36th consecutive month, say the nation’s supply executives.

The PMI index of manufacturing activity was 53.5% for the month, a modest decrease of 1.3 percentage points from April, said Institute for Supply Management spokesman Bradley J. Holcomb.

New Orders continued growth for the 37th consecutive month, registering 60.1% in May, up 1.9 percentage points from April and the highest level since April 2011. Prices for raw materials fell to 47.5%, down 13.5 percentage points, indicating lower prices for the first time since December.

Of the 18 manufacturing industries covered, 13 reported growth in May, including Computer & Electronic Products and Chemical Products.

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