Manufacturing growth slowed in December
The pace of growth in manufacturing slowed somewhat in December according to the latest Manufacturing ISM Report On Business.
The Manufacturing index registered 58.7 percent, a decrease of 2.4 percentage points from the November reading of 61.1 percent. This figure indicates expansion in the overall economy for the 19th month in a row after a contraction in April 2020.
“The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment, with indications of improvements in labor resources and supplier delivery performance," said Timothy Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee. "Shortages of critical lowest-tier materials, high commodity prices and difficulties in transporting products continue to plague reliable consumption. Coronavirus pandemic-related global issues — worker absenteeism, short-term shutdowns due to parts shortages, employee turnover and overseas supply chain problems — continue to impact manufacturing. However, panel sentiment remains strongly optimistic, with six positive growth comments for every cautious comment, down slightly from November."
INDUSTRIAL SUPPLY MAGAZINE
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