The Institute for Supply Management's manufacturing purchasing managers index slipped to 48.7 in May from 49.2 in April. Economists polled by Bloomberg expected the index to rise to 49.5. New orders fell to fell to 45.4 from April's 49.1 and prices paid fell to 57.0 from 60.9. The employment index rose, however, to 51.1 from 48.6.

Yahoo Finance's Seana Smith and Madison Mills break down the data.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Stephanie Mikulich.