The Institute for Supply Management’s closely watched manufacturing PMI Index unexpectedly increased +3.2 points in December to 60.7, its highest level in over two years, beating the consensus forecast of 56.6 despite continued COVID headwinds (a reading above 50 indicates expansion). According to ISM, “companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that are limiting manufacturing growth potential. However, panel sentiment remains optimistic…” Nevertheless, 16 of 18 manufacturing sectors reported growth in December, including the six largest–Fabricated Metal Products, Computer & Electronic Products, Transportation Equipment, Chemical Products, Petroleum & Coal Products, and Food, Beverage & Tobacco Products—several of which are prominent in WNY. See the full report here.
