U.S. factories grow at fastest pace since mid-2018

THE INSTITUTE for Supply Management, an association of purchasing managers, reported that its manufacturing index increased to 60.7 in December from 57.5 in November. / AP FILE PHOTO/ AMR ALFIKY

WASHINGTON (AP) American factories grew in December at the fastest pace in more than two years as manufacturing continued to weather the pandemic better than the battered services sector.

The Institute for Supply Management reported Tuesday that its gauge of manufacturing activity rose to 60.7 last month, the highest reading since it stood at 60.8 in August 2018. The activity gauge was up 3.2 percentage points from a November level of 57.5.

Any reading above 50 indicates expansion in the manufacturing sector.

The U.S. economy collapsed from April through June but since that time manufacturing has posted solid gains while the services sector, which includes restaurants, bars and the travel industry, has been harder hit.

- Advertisement -

Martin Crutsinger is an AP economics writer.

Purchase NowWant to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.

No posts to display