US manufacturing activity picks up again in February, hiring slows – Money Times

Production function To us Infections increased faster than expected in February Govit-19 The setback is that even though factory hiring is slow, supply chains tend to be tangled and input prices are high.

Oh Supply Management Company (ISM) On Tuesday, its national manufacturing activity index rose from 57.6 in January to 58.6 last month, the lowest level since November 2020.

A reading above 50 indicates an expansion in output, which is 11.9% Economy From the United States. By consulting economists Reuters The index is forecast to rise to 58.0.

As coronavirus infections caused by the Omigron variant are on the rise across the country, after hitting the speed bump, production is picking up speed again in line with the broader economy.

According to a Reuters analysis of official data, the United States reports an average of 64,200 new Govt-19 infections per day, up from more than 700,000 in mid-January.

The futures new orders sub-index of the ISM survey rose to 61.7 last month, up from 57.9 in January, the lowest level since June 2020.

The cost of goods has increased as the demand for services such as epidemic travel has been curtailed. Economists expect demand for goods to remain strong, even as costs for services return as health conditions improve.

Customer inventory has been very thin for over 60 months.

The Industrial Jobs survey fell to 52.9 from 54.5 last month. It continued to increase for five months.