American manufacturing expanded at the fastest rate since May 2004, according to the Institute for Supply Management (ISM).
Timothy Fiore, chairman of ISM’s factory survey committee, said, “All indications are that demand will continue to grow. There are a number of issues going on here in the supply chain that’s pushing things up. The net result is there are problems in inventories, which are growing.”
The ISM also reported Thursday that 15 out of 18 manufacturing sector exhibited growth in February, led notably by printing, primary, metals, and machinery.
The report also suggested that manufacturing employment jumped to a four-month high of 59.7 from 54.2. The ISM’s gauge of export orders was the highest since April 2011.
The American economy continues to expand under President Donald Trump. Consumer confidence reached the highest levels since 2000.
Randal Quarles, a top Federal Reserve official, suggested on Monday that the Trump’s Tax Cuts and Jobs Act has shifted the American economy to achieve higher levels of growth.
A new survey revealed that a majority of American support Trump’s tax reform law.
President Trump tweeted on Thursday, “Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!”
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