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Manufacturing <br />62 <br />60 <br />58 <br />56 <br />54 <br />52 <br />50 <br />48 <br />46 <br />44 <br />42 <br />40 <br />Institute of Supply Management Purchasing Manager <br />Index <br />Oob �d~1 ✓4h 79 s04 OPc1 1 g 9 9 O <br />Source: Institute for Supply Management <br />")O 00 1)O <br />8.0% <br />4.0 % <br />0.0 % <br />q, <br />ID <br />s -4.0% <br />u <br />0 <br />> -8.0% <br />0 <br />-12.0% <br />-16.0% <br />-20.0% <br />Industrial Production <br />OPc1 ,0~1 ✓�7 10 SPp1 Oonv '1'ldr' ✓4> � S�p� OPc� <br />8 9 9 9 O O O O <br />Source: Federal Reserve <br />The Institute for Supply Management (ISM) manufacturing index increased to 60.7 in December from 57.5 in November. Readings above 50.0 <br />are indicative of expansion in the manufacturing sector. We believe a weakening US dollar has been supportive of the US manufacturing sector <br />throughout the pandemic. The Industrial Production index was down 3.6% year -over -year in December, versus down 5.4% in November. On a <br />month -over -month basis, the Industrial Production index increased 1.6% in December, following a 0.5% increase in November. Capacity <br />Utilization increased to 74.5% in December from 73.4% in November, but remains well below the long -run average of 79.8%. Overall <br />manufacturing conditions have improved since the deep contraction in activity earlier this year, but industrial production remains lower on a <br />year -over -year basis. <br />