The manufacturing sector slowed for the third consecutive month in May, and companies say it's because of tariffs and economic uncertainty.

The Institute for Supply Management, a nonprofit supply management organization that conducts industry-wide surveys to measure activity, said its monthly index fell in May. That was driven by slowed deliveries and the imports index that "plunged into extreme contraction in May," according to Susan Spence, chair of the ISM Manufacturing Business Survey Committee.

"U.S. manufacturing activity slipped further into contraction after expanding only marginally in February," Spence said in a statement. "Contraction in most of the indexes that measure demand and output have slowed, while inputs have started to weaken."

Survey respondents cited tariffs as the leading cause for the recent slowdown.

“We have entered the waiting portion of the wait and see, it seems," said a respondent from the metals industry. "Chaos does not bode well for anyone, especially when it impacts pricing.”

A respondent from the miscellaneous manufacturing industry said "tariff whiplash" was disrupting business and noted that although deals with other countries to lessen tariffs would ease the burden, the existing uncertainty is a distraction.

New York-based real estate brokerage Douglas Elliman is expanding its brand with the launch of Elliman International.

On Monday, the firm said it's "extending the company's renowned and exacting service to key global markets."

The expansion will begin immediately and focus on "high-demand luxury destinations in Latin America, the Middle East, Europe, Asia Pacific and other emerging wealth centers." Executives said they're starting by onboarding existing clients before turning to recruiting and opening physical offices abroad.

"Elliman International represents the natural progression of our legacy as America's premier luxury real estate brokerage now becoming global," Michael Liebowitz, president and CEO of Douglas Elliman, said in a statement. “From my first day as CEO, I recognized the need to establish our own international presence that preserves the high-level of service our clients expect. This isn't just an expansion — it's a transformation that positions Douglas Elliman as the truly global brand it is.”

California is home to the most firms on this year's Fortune 500 list of the country's biggest companies for the second consecutive year, Forbes said on Monday.

The Golden State claims 58 of the companies, up from 57 last year. Texas and New York followed with 54 and 53 firms, respectively.

The updated list includes companies based in 225 cities across 37 states, Forbes said. With 43 companies, New York City topped the list of municipalities, followed by Houston, Chicago, Atlanta and Dallas.

Retailers, utilities and insurance companies led as the most prolific industries on the list.

"The Fortune 500 is a literal road map to the rise and fall of markets, a reliable playbook of the world's most important regions, services, and products, and an indispensable roster of those companies' dynamic leaders," according to Fortune CEO Anastasia Nyrkovskaya.