2020 went out with a bang with manufacturing PMI reaching 60.7%, up 3.2 points from its November reading and notching its 8th consecutive month of growth!
While ISM Survey Committee members reported optimism (an improvement compared to November), their companies and suppliers are seeing that absenteeism, short-term shutdowns for sanitation and ongoing difficulties with their workforce are causing strains that may possibly be limiting growth potential.
The ISM released their December 2020 Report on Business and here are key index trends to watch:
· New Orders, Production, and Employment Growing
· Supplier Deliveries Slowing at Faster Rate; Backlog Growing
· Raw Materials Inventories Growing; Customers’ Inventories Too Low
· Prices Increasing; Exports and Imports Growing
Read the full report here.
As the manufacturing industry continues its growth into the new year, let us help you prepare! Call us today for more information.