Posted January 5, 2021

Manufacturing grew in December

Economic activity in manufacturing grew in December according to the Manufacturing ISM Report On Business from the Institute for Supply Management.

“The December Manufacturing PMI registered 60.7 percent, up 3.2 percentage points from the November reading of 57.5 percent. This figure indicates expansion in the overall economy for the eighth month in a row after contracting in March, April, and May, which ended a period of 131 consecutive months of growth," said Timothy R. Fiore, chair of the  ISM Manufacturing Business Survey Committee.

Fiore added that survey committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that are limiting manufacturing growth potential. However, panel sentiment remains optimistic.

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