By The Star Staff
The Managers’ Purchase Index (PMI by its Spanish initials) for Puerto Rico’s manufacturing sector registered an increase in May, reaching the value of 61.5.
The index, a joint project of the Puerto Rico Manufacturers Association and the Puerto Rico Institute of Statistics, indicates an expansion in the manufacturing sector with respect to the previous month, exceeding the threshold of 50.
The most prominent challenges manufacturing companies faced over the previous month included sales, raw material shortages, material costs, lead times, employment, absenteeism, staff turnover, high energy costs and unreliable utilities.
In May, new orders at manufacturing facilities exceeded those in April, as indicated by the new orders PMI, which increased to 60.0. Similarly, manufacturing production and employment in the sector showed growth over the previous month, reaching 67.5 and 60.0, respectively, in their PMIs.
In addition, the inventory index at manufacturing facilities grew, reaching a value of 65.0, while the velocity of supplier deliveries decreased, with the supplier deliveries PMI reaching 55.0.
Since the first survey was conducted, Puerto Rico’s PMI has been at or above the threshold level in 97 of the 156 months, indicating the relative strength and resilience of the island manufacturing sector despite challenges.