(AmericanProsperity.com) – America’s manufacturing industry tells us a lot about the overall health of the economy. Between the recession and mandated shutdowns over the course of the past few months, the industry shrunk. Thankfully, a new report shows optimistic gains.
The Institute for Supply Management (ISM) released its Manufacturing Report on Business this week, showing the Purchasing Managers’ Index (PMI) is at a 15-month high of 54.2%. The PMI reflects economic expansion through new manufacturing orders, healthy inventories, backlogged orders, and consumption.
The New Orders (61.5%) and Production (62.1%) indexes show rates of change that signify a U.S. #manufacturing sector returning to work in July after the #COVID19-induced slowdown. Both had their highest readings since summer/fall 2018. https://t.co/mohmrbgDVf #ISMPMI #economy
— Institute for Supply Management (@ism) August 3, 2020
Only 3 of the 18 manufacturing industries reported continued contraction in July: Machinery, Transportation Equipment, and Fabricated Metal Products. The other 15 showed varied levels of economic growth.
All in all, America’s manufacturing industry is recovering, providing citizens with American-made goods that directly support our country. By giving patronage to our local businesses and industries, we strengthen both America’s workforce and economy.
~Here’s to Your Prosperity!
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