U.S. Manufacturing Surges to Three-Year High

New reports show U.S. manufacturing activity increased to a three-year high last month, but soaring costs for inputs amid labor shortages continue to be areas of concern. The U.S. Manufacturing Outlook Index published by OMA Connections Partner RSM increased for the seventh consecutive month. Meanwhile, the Institute for Supply Management said its manufacturing index rose to 60.8 in February, up from 58.7 in January — the highest level since February 2018. Private manufacturing construction spending grew 4.9% to $65.6 billion in January. 3/2/2021