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he Institute for Supply Management’s manufacturing index slowed in May, the group said Thursday.

SM’s factory index fell to 54.4 from 57.3 April, the group said in its monthly report.

Readings higher than 50 indicate expansion in manufacturing. The index has shown expansion since May 2003.

“The slower growth is evidenced by a significant loss of momentum in the last four months . . . . Prices, driven by raw materials costs, are a concern,” said Norbert Ore, chairman of ISM’s manufacturing committee.

ISM’s prices-paid index jumped 5.5 points to 77.

New orders, which make up about a third of the total index, fell 3.9 points to 53.7.

The production index, a measure of work being performed, fell 3.2 points to 57.2.

The employment index dropped 2.9 to 52.9. The inventories index fell 3.3 point to 48.

SM, based in Tempe, Ariz., surveys more than 400 companies in 20 industries, including transportation, to compile its index.