NEW YORK — On the same day of manufacturing icon General Motors' bankruptcy filing, reports on the industrial sector from around the globe seemed to show the sector on the mend.

The decline in U.S. manufacturing slowed in May, a trade group reported today, and the sector is faring better than analysts had expected. Similar reports from Asia and Europe also showed improvements in manufacturing.

Companies used up huge stocks of inventories in the first quarter, said Joshua Shapiro, chief U.S. economist at research firm MFR, boosting new orders to manufacturers and pumping up production.

The Tempe, Ariz.-based Institute for Supply Management said its index on manufacturing came in at 42.8 — its highest level since September — compared with 40.1 in April. A reading below 50 still indicates contraction, but the measure has been shrinking more slowly every month since December.

Analysts polled by Thomson Reuters had expected the index to read 42 for May.

Still, even after the sector starts to grow again, it will be a "low-growth" scenario, said Norbert Ore, chair of the ISM's manufacturing report.