The overall economy and the manufacturing sector grew again in January, according to the latest ISM report. The PMI was 59.1% in January, which is slightly lower than it was in December, but still high compared to the 12-month average. Food, beverage, and tobacco was one of the 14 industries reporting growth; however, respondents noted that “employment is tight.”
Here’s the high-level view for food, beverage, and tobacco:
- Growth in new orders
- No change in production
- Decrease 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
Overall, the results support a continued positive trend in the manufacturing sector, which expanded for the 17th straight month, and the overall economy, which grew for the 105th month in a row.
