Manufacturing activity continued to tick up last month as pockets of the supply chain showed signs of relief, according to a new survey from the Institute for Supply Management.
Why it matters: Despite facing nearly two years of supply chain and consumer demand anomalies, manufacturers continued to increase their output for the 18th month in a row.
- And even with no near-term relief to these conditions in sight, manufacturers also continued to feel optimistic about the future.
By the numbers: The manufacturing PMI (Purchasing Managers’ Index) expanded by 0.3 percentage points from October to 61.1%.
- Hiring picked up for the third straight month. While supply delivery continued to slow, the slowdown was smaller than in the previous month.
What we’re watching: To get around future delays and shortages, some suppliers stocked up on pre-production inventories, according to a separate manufacturing report from IHS Markit.
Go deeper: Biden’s supply chain offense heats up
