Impressive gains in domestic manufacturing during the final three months of 2017 led to U.S. manufacturing performing at a level not seen since 2004, the Institute for Supply Management revealed this week.
The institute reported “its index of national factory activity jumped to a reading of 59.7 last month, the second-highest reading in six years, from 58.2 in November,” according to Reuters. “A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.”
The survey’s category for new factory orders likewise increased by 5.4 points to 69.4, a high not observed since January of 2004, Reuters reported.
Tim Fiore, the chairman of the ISM manufacturing business survey committee, was ecstatic.