Insta
March 2021 Saw United States’ Factory Activity Expand At The Fastest Pace Recorded In Any Month Since December 1983
Swarajya Staff
Apr 02, 2021, 10:10 AM | Updated 10:10 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In the bygone month of March, the United States (US) saw manufacturing expand at the fastest pace in 37 years as per the Institute for Supply Management (ISM) which is a trade group of purchasing managers, reports Economic Times.
ISM's index to measure the factory activity jumped to 64.7 in March, from 60.8 in February. A figure above 50 represents expansion while a figure below 50 represents contraction. The index's measure for March is the highest recorded by ISM since December 1983.
It should be noted though that some of the gains in the factory activity in March may be due to a bounce back from February when harsh winter weather in Texas, Louisiana and other southern states knocked some oil refineries and petrochemical plants offline.
Meanwhile, as per chairman of ISM's manufacturing business survey committee Timothy Fiore, "Extended lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are affecting all segments of the manufacturing economy."
It should be noted that in a bid to support the US's economic recovery, President Joseph Biden had recently passed an economic package amounting to a size of whopping $1.9 trillion.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.