U.S. manufacturing output plummeted more than 20% between February and April 2020, but it has definitely recovered since then. National Association of Manufacturers Chief Economist Chad Moutray reported this week that production output in January was down only 1% from its pre-pandemic pace. January’s 1% gain in output marked the eighth increase over the past nine months.
Five manufacturing sub-sectors have experienced increased production since January 2020: aerospace and miscellaneous transportation equipment (3.5% growth); food, beverage and tobacco products (3.5%); motor vehicles and parts (1.7%); chemicals (1.4%); and computer and electronics products (0.6%).
It was also announced this week that U.S. producer prices in January increased 1.3% — the most since 2009 — suggesting rising inflation. 2/17/2021