The latest index came in at 23, down from 25 last month, indicating slowed expansion in May. The future outlook fell to 31. All figures are seasonally adjusted. Here is a snapshot of the complete Kansas City Fed Manufacturing Survey.

Quarterly data for this indicator dates back to 1995, but monthly data is only available from 2001.

Here is an excerpt from the latest report:

The pace of regional factory growth slowed slightly but remained strong. Firms continued to report negative impacts from higher inflation and supply shortages. Nearly 70% of all firms reported worse supply disruptions and shortages compared with 2021, with most expecting conditions to last another six months or longer. [Full report here]

Here is a snapshot of the complete Kansas City Fed Manufacturing Survey.

The next chart is an overlay of the general and future outlook indexes — the outlook six months ahead. Future factory indexes fell to 31.

For comparison, here is the latest ISM Manufacturing survey.

Let's compare all five Regional Manufacturing indicators. Here is a three-month moving average overlay of each since 2001 (for those with data).

Here is the same chart including the average of the five.