May manufacturing PMI 51.2 vs 52.0 expectedPrior 51.7April was defined by firms rushing orders to stock up, so naturally May is showing some of that unwinding as new orders placedwith manufacturers declined. The standout details from the report though are that supply chain delays are intensifying as product shortages werereported, and also input prices rising further to a greater degree.The former sees a further deterioration in vendor times, which was the greatest seen infour years, as the Middle East conflict continues to weigh. The report points out that: "Panellistsnoted that delays on maritime routes were considerable,product shortages widespread and prices for inputs,especially for oil and oil-derivatives were rising precipitously."And on the inflation front: "Prices paidfor inputs by manufacturers rose to the greatest degree forfour years and amongst the strongest rates in the surveyhistory. The acceleration in inflation seen in the past threemonths has also been unprecedented since data were firstcollected in early 1998."As higher input cost inflation becomes more embedded, selling charges also increased on the month as firms look to try and protect their margins further. Of note, the degree of charge inflation remains elevated in the context of the survey history even if a little softer than April’s near three-and-a-half yearhigh. This article was written by Justin Low at investinglive.com.