U.S. News reports that US manufacturing is seeing continual growth despite the negative effects of Covid-19. During October, the manufacturing index rose 3.9% from the previous month’s reading. This is great news for the economy as there has not been a reading this high (59.3%) since September 2018.
According to the Institute for Supply Management which reports on 18 industries in the US, a reading of 50% or more indicates growth and expansion for the US manufacturing sector. Their last report showed growth in 15 out of 18 industries, illustrating that demand is growing in the US economy. These numbers are indicated by an increase in the number of available jobs and employment. Some of the industries that have seen growth are the food and beverages, chemicals, electronics, and metal fabrication sectors.
Some economists are concerned as the ongoing pandemic could result in further lockdowns which would hinder growth. Many economists are also wary about how the economy will be ran after the US election as both US candidates have different perceptions on growing the economy. It looks by all accounts that the US economy is heading in the right direction, illustrating growth and expansion.
How industries, consumers and government react to further Covid-19 waves will affect possible growth in the future. For expert guidance during these times, contact us here for a free online consultation.