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01 Feb 2021 | 14:50

Surge in US manufacturing sector activity continues in January, survey shows

(Sharecast News) - Manufacturing sector activity in the US continued to surge ahead at the start of the year with the majority of respondents to a closely-followed survey reporting very strong demand. The Institute for Supply Management's factory sector Purchasing Managers' Index dipped from a December reading of 60.5 to 58.7 for January.

Although economists had forecast a slightly smaller dip to 59.9, that reading remained consistent with a rapid pace of growth.

Similarly, the key sub-index tracking new orders retreated from a print of 67.5 in December to 61.1, but that too remained far above the 50 point mark which denotes a drop.

To take note of, price pressures continued to pick up, with a sub-index linked to those rising from 77.6 to 82.1.

One respondent from the Computer&Electronics space told ISM that factory capacity was being "well utilised" amid increased demand and labour constraints.

The same respondent however also reported delays among upstream suppliers.

One respondent from the Fabricated Metal Products said current business demand was going "way past" pre-Covid-19 levels.

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