Economic Buzz: US Manufacturing Activity Picks Up

2 Mar 2022 , 08:55 AM

The US manufacturing activity picked up in February as COVID-19 infections subsided, though hiring at factories slowed, contributing to keeping supply chains snarled and prices for inputs high. The Institute for Supply Management (ISM) said on Tuesday the outlook for manufacturing over the next two months was favorable, noting that backlog orders last month grew by the most in 11 years. Factories also reported strong order growth. The survey was conducted before last Thursdays invasion of Ukraine by Russia. The purchasing managers index or PMI of national factory activity increased to a reading of 58.6 last month from 57.6 in January, which was the lowest since November 2020.

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