U.S. manufacturers grow in December at slowest pace in 11 months as omicron strikes
The numbers: American manufacturers in December matched their slowest pace of growth in 11 months as they coped with persistent labor and material shortages and braced for a fresh onslaught from the omicron strain of the coronavirus.
A closely followed index of U.S.-based manufacturers dropped to 58.7% in the final month of 2021 compared to 61.1% in November, the Institute for Supply Management said Tuesday.
Any number above 50% signals expansion and readings above 60% are considered exceptional.
Economists polled by The Wall Street Journal had forecast the index to slip to 60%.
The ISM results are drawn from a survey of senior business executives. The index tends to give a good snapshot of the health of the U.S. economy.
Big picture: Manufacturers have plenty of demand for new cars, electronics, furniture and the like, but they are likely to remain under strain until all the shortages ease…
