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U.S. manufacturing expanded last month for the first time since September 2022, as rising demand and strong output helped end 16 consecutive months of contraction, according to industry data released today.
The trend is good news for the Biden administration, but it also highlights the challenge the Fed faces in adjusting interest rates without sparking inflation.
The Institute for Supply Management (ISM) said the manufacturing index rose to 50.3%, showing signs of recovery in demand and strengthening output.
However, supply chain issues remain, affecting parts of the manufacturing industry. The ISM services index slowed slightly last month but expanded for 14 consecutive months.
(Source: AFP Image source: freepik)
