An Institute for Supply Management (ISM) survey found the manufacturing index increased to 61.2 in May 2021. Anything over 50 indicates expansion within the manufacturing sector — which accounts for 11.9% of the U.S. economy. The manufacturing sector is slowly regaining speed.
Other manufacturing industries reporting growth include appliances and components, computer and electronic products, electrical equipment, furniture, machinery, and transportation equipment. Fabricated metal product manufacturers expect supply chain issues to remain tight until Q4 of this year, or perhaps 2022. Learn more about the ISM survey results.
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