US Manufacturing Sector Surprises with Strong Performance‥ISM Manufacturing PMI at 60.7

Highest Level Since August 2018
Expansion Continues for 7 Consecutive Months

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. manufacturing sector showed better-than-expected strength despite the spread of the novel coronavirus disease (COVID-19).

On the 5th (local time), the Institute for Supply Management (ISM) announced that the Manufacturing Purchasing Managers' Index (PMI) for December last year was 60.7. This not only rose from 57.5 in the previous month but also exceeded experts' forecast of 56.6.

Contrary to market expectations that manufacturing activity might have declined somewhat, it actually expanded further. The Wall Street Journal described this manufacturing PMI as the highest level since August 2018.

A PMI above 50 indicates economic expansion, while below 50 indicates contraction.

The ISM stated that four out of five sub-indices of the manufacturing PMI showed strong growth, continuing an expansion streak for seven consecutive months.

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