January Manufacturing Sustains Growth, Supply Difficulties Continue
February 9, 2021Comments
The U.S. manufacturing sector continued growing for an eighth straight month in January, as the Institute for Supply Management’s Purchasing Manager’s Index for sector growth registered 58.7 percent (down by 1.8 percentage points from the seasonally adjusted December reading of 60.5 percent). The overall economy also grew, sustaining a parallel streak with manufacturing. But despite the positive news for manufacturing production, prices and employment, supplier deliveries remain a sore spot.
The Production Index registered 60.7 percent, a decrease of 4 percentage points compared to the seasonally adjusted December reading of 64.7 percent; the Backlog of Orders Index registered 59.7 percent, 0.6 percentage point above the December reading of 59.1 percent; and the Employment Index registered 52.6 percent, 0.9 percentage point higher from the seasonally adjusted December reading of 51.7 percent.
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