Economic growth

The manufacturing sector expanded once again in December, with the Institute for Supply Management’s PMI hitting 59.7%, an increase of 1.5% over November and nearly 2% higher than the average of the last 12 months.

Timothy R. Fiore, chair of the ISM, said in a press release: “This indicates growth in manufacturing for the 16th consecutive month, led by strong expansion in new orders and production with hiring growing at a slower rate and supplier deliveries continuing to struggle.”

Here’s what the food, beverage, and tobacco products industry reported for December:

  • Growth in new orders
  • Growth in production
  • Growth in employment
  • Slower supplier deliveries
  • Lower inventories
  • Customer inventories too low
  • Increased prices for raw materials
  • Decrease in order backlogs
  • Growth in new export orders
  • Growth in imports

The December results show positive movement compared to the previous month, specifically for order backlogs (in November, there was an increase) and imports (in November, there was a decrease). December was also the 104th consecutive month of growth in the overall economy.

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