ICYMI: AMERICAN MANUFACTURING GROWTH EXCEEDS EXPECTATIONS UNDER BIDEN
The ISM Manufacturing Index Shows U.S. Economy Continues to Expand
In Case You Missed It – U.S. manufacturing grew faster than expected in May, according to the Institute for Supply Management Purchasing Managers’ Index. The report signals that companies are able to fill inventories and the manufacturing surge under President Biden continues. During the first 15 months of the Biden-Harris Administration, manufacturing jobs have increased at the highest rate in 15 years.
A manufacturing sector in strong health means a recession is not imminent, despite the Fed’s efforts to slow the economy with rate hikes this year.
The index, one of the most closely watched leading indicators of the health of the U.S. economy, came in at 56.1, besting Wall Street economists’ expectations of around 54.5.
The Institute for Supply Management Purchasing Managers’ Index for May was stronger than expected, the group reported Wednesday.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.