U.S. Manufacturing Sees Seventh Consecutive Month of Growth, but Faces Headwinds

The Institute for Supply Management (ISM) reported this week that U.S. manufacturing activity continued to expand solidly in November, marking the seventh consecutive month of growth. But ISM’s manufacturing index slipped to 57.5%, after reaching a 21-month high of 59.3% in October. MarketWatch.com wrote: “Manufacturers have recovered faster than most other businesses and helped spur a U.S. economic rebound, but the surge in COVID-19 cases has increased the strain on them as well.”

Meanwhile, Chad Moutray, chief economist with the National Association of Manufacturers, reported that private manufacturing construction spending fell 0.8% from $70.01 billion in September to $69.44 billion in October, dropping for the fourth straight month to the slowest pace since November 2017. 12/1/2020