![]() Demand could, however, shift back to services in the summer as more Americans get vaccinated, and slow manufacturing activity from current levels.īut the year-long pandemic has gummed up the supply chain, boosting production costs for manufacturers. Manufacturing is being driven by strong demand for goods like electronics and furniture, as 23.2% of the labor force works from home because of the virus. Economists polled by Reuters had forecast the index edging up to 58.8 in February. That was the highest level since February 2018.Ī reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. "But we are not talking high inflation, just levels that reflect a solidly growing economy." ![]() "We are looking at an economy that is picking up steam," said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. The reports were the latest indications of strong economic performance early in the first quarter, thanks to nearly $900 billion in additional COVID-19 relief money from the government and a drop in new coronavirus infections and hospitalizations. ![]() Other data showed construction spending surged to a record high in January, boosted by strong private and public outlays. The acceleration reported by the Institute for Supply Management (ISM) on Monday was despite a global semiconductor chip shortage, which has hurt production at automobile plants. manufacturing activity increased to a three-year high in February amid a surge in new orders, but factories continued to face higher costs for raw materials and other inputs amid labor shortages at suppliers as the pandemic drags on. ![]()
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