Industry Today reports that the manufacturing sector grew in January. The data comes from the Institute for Supply Management® (ISM) Report On Business. Industry Today explains more about what this report means in an article.
The report was sent out at the beginning of February by the Chair of ISM, Timothy R. Fiore. The report says, “The January Manufacturing PMI registered 57.6 percent, a decrease of 1.2 percentage points from the seasonally adjusted December reading of 58.8 percent. This figure indicates expansion in the overall economy for the 20th month in a row after a contraction in April and May 2020” Though this report shows expansion, respondents still report obstacles. Supply chain limitations have made it difficult to keep up with demand. To check out the full article, click the link below.