US manufacturing grows briskly in December, signs of improvement in supply chains
By Alexander Bueso
Date: Tuesday 04 Jan 2022
(Sharecast News) - America's factory sector continued growing at a brisk clip last month as supply chain disruptions eased, despite the advent of Omicron, the results of a closely-followed survey revealed.
The Institute for Supply Management's manufacturing sector Purchasing Managers' Index slipped from a reading of 61.1 for November to 58.7 in December.
Economists at Barclays Research had forecast a reading of 61.0.
According to the chair of the ISM Manufacturing Business Survey Committee, Timothy Fiore, US manufacturing was still in a demand-driven, supply-chain constrained environment last month.
However, there were signs of improved labour resources and supplier-delivery performance, with the latter resulting in price pressures.
Reflecting the latter, the supplier deliveries sub-index fell from 72.2 to 64.9, alongside a drop in the price paid sub-index from 82.4 to 68.2.
"Transportation networks, a harbinger of future supplier-delivery performance, are still performing erratically; however, there are signs of improvement," Fiore explained.
The key sub-index for new orders meanwhile only dipped from 61.5 to 60.4, while that tracking customers' inventories rose from 25.1 to 31.7.
A gauge of production levels slipped from 61.5 to 59.2.
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