Highest Manufacturing Industry PMI of the Last 13 Years in the USA

Highest Manufacturing industry PMI of the last 13 years in the USA. The manufacturing industry Purchasing Managers Index (PMI) in the US reached 59.1 points.

International financial research organization IHS Markit has released US manufacturing, services and composite PMI lead data for January. According to the announced data, the manufacturing industry PMI increased by 2 points in January compared to the previous month and reached a value of 59.1. This level is the highest recorded since May 2007. The market forecast was that the data in question would be 56.5. On the other hand, PMI stood at 57.1 in December last year, its highest level since September 2014. These data showed a strong momentum in manufacturing activities.   Service Sector Index Raised Above Expectations Service sector PMI data, on the other hand, increased by 2.7 points in January compared to the previous month and reached 57.5. The index, which exceeded the market expectations and recorded the highest level of the last 2 months, was expected to take the value 53.6. The service sector PMI was 54.8 in December last year. Composite PMI, which includes the manufacturing and service sectors, also increased by 2.7 points in January compared to the previous month and became 58. Composite PMI was calculated at 55.3 in December 2020. Commenting on the statement, IHS Markit Chief Economist Chris Williamson stated that businesses in the USA have made a strong entry into 2021. Williamson expressed that the developments in the new type of coronavirus (Covid-19) vaccine and the hope that the new administration will provide a stable and supportive environment for a stronger economic recovery support the expansion in the sectors. It was stated that reaching values ​​of 50 and above in PMI data indicates "expansion" in the sector, and staying below 50 indicates "contraction".