Washington: In the US factories (US manufacturing) last month, production increased faster than the last months of 2018. After the slowdown due to Coronavirus, it shows the boom in manufacturing industries. In a report released on Tuesday, The Institute for Supply Management (ISM), a consortium of procurement managers, said that its manufacturing index rose to 56 in August compared to 54.2 in July. This is the highest level since November 2018. This index is indicative of growth above 50 points. Thus, the manufacturing sector of the US has expanded for the third consecutive month. This figure is higher than what economists had predicted.
The measures taken to overcome the epidemic crippled the American economy. The survey showed its impact and the manufacturing sector contracted during the months of March, April and May while from June it started moving on the path of growth. According to the ISM report, August orders, production and export orders have all increased rapidly but employment has declined in the survey’s job standard. This is the 13th consecutive month when employment has come down. In August, 15 out of 18 industries registered growth. The wood and plastics manufacturing industry has been at the forefront.
