U.S. Manufacturing Activity Picks Up Despite Supply Chain Snarls
March 8, 2022
The Institute for Supply Management manufacturing index increases to 58.6 in February.
Despite continued supply chain snarls, the U.S. economy gained speed in February, according to an article from Reuters. The Institute for Supply Management (ISM) index of national factory activity increased to 58.6 in February. January’s reading of 57.6 is reportedly the lowest since November 2020.
The ISM outlook for manufacturing over the next two months was favorable with factories reporting strong order growth. However, the survey was conducted prior to the invasion of Ukraine by Russia, according to the article. Some economists fear the conflict may further throttle supply chains and add to the semiconductor shortage.
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