US manufacturing grew again in January with exports growing more slowly and imports growing faster

February 1, 2021 – The Institute of Supply Management (ISM) reported today that economic activity in the manufacturing sector grew again in January, with the overall economy gaining an eighth consecutive month of growth, says the latest ISM Manufacturing ISM Report On Business.

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While the ISM new export orders slid some in January to 54.9 percent from December’s 57.5 reading, they nonetheless grew for the seventh consecutive month. “We can pretty well assess that the strength of the US dollar helped prop up exports,” said Fred Baehner, IBNewsmag publisher.

ISM’s Imports Index lifted to 56.8 percent in January, an increase of 2.2 percentage points compared to the 54.6 percent reported for December. Imports expanded for the seventh consecutive month at stronger rates compared to December, reflecting continued increases in US factory demand and interest in increasing onshore inventory, said today’s report.

Survey respondents continued to note record-breaking import backlogs at ports of entry, as well as difficulty in arranging drayage and operating within the domestic transportation market.

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