Finishing off 2013 on an impressive note, the manufacturing industry continues to thrive in the new year. In December, the Institute for Supply Management’s monthly index hit 57, serving as a sure sign of expansion and overall growth within the manufacturing sector.
Although the industry encountered a period of slowed growth last spring, ISM surveys reveal that manufacturing has continued to grow during the past seven months. Additionally, reports reflecting manufacturing activity in December showed that new orders and hiring rates within the sector were on the rise.
John Ryding of RDQ Economics believes that these positive readings, paired with the upbeat manufacturing report, are promising signs that the manufacturing sector is gaining momentum. The growing strength within the industry has been prevalent for several months, and only continues to build up.
Furthermore, he mentioned the absence of any disruptions that could potentially impede upon the industry’s continued growth, such as interruptions in supply chains after massive natural disasters. Lastly, ISM reports revealed that October’s federal government shutdown had only a minor impact on manufacturers.
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