The American manufacturing sector continued to roar to life under President Trump in January; smashing expectations and posting major gains as the administration’s new trade policies and tariffs take effect.
“Economic activity in the manufacturing sector expanded in January, and the overall economy grew for the 117th consecutive month,” said a report from the Institute for Supply Management.
“The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: ‘The January PMI® registered 56.6 percent, an increase of 2.3 percentage points from the December reading of 54.3 percent. The New Orders Index registered 58.2 percent, an increase of 6.9 percentage points from the December reading of 51.3 percent,'” adds the report.
The strong data comes just weeks after President Trump ended the longest shutdown in US history; giving Congress a mid-February deadline to reach a bipartisan budget agreement.
Read the full report here.