PMI suffers big drop. The Purchasing Managers Index dropped 6.9 points in May to 53.5 percent, the first reading below 60 percent for 2011 and the lowest PMI reported for the past 12 months. Any reading above 50 still indicates a growth environment. “Slower growth in new orders and production are the primary contributors to this month’s lower PMI reading,” said Bradley Holcomb, chair of the Tempe, Ariz.-based Institute for Supply Management’s Manufacturing Business Survey
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