April 5, 2021:-A measure of U.S. manufacturing activity soared to its highest level in over 37 years in March, driven by solid growth in new orders, the clearest sign yet that a much-anticipated economic boom was probably underway.
On Thursday, the Institute for Supply Management (ISM) said its national factory activity index jumped to a reading of 64.7 in the previous month from 60.8 in February. That was the top-level from December 1983.
Reading more than 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists from Reuters poll had forecast the index is increasing to 61.3 in March. The year-long Covid-19 pandemic boost goods demand.
Economic growth is expected to take off this year, juiced up by the White House’s huge $1.9 trillion coronavirus relief package and nonessential businesses’ restarting as more Americans are now vaccinated against the disease.
The relief package passed in the previous month is sending additional $1,400 checks to qualified families and extending the unemployed government safety net through September 6. Families have also accumulated about $19 trillion in excess savings, which are expected to fuel pent-up demand.
On Wednesday, President Joe Biden unveiled a plan to spend roughly $2 trillion on infrastructure like roads and bridges over ten years.
First-quarter gross domestic product estimates are high up to a 10.0% annualized rate. The economy increased at 4.3% of the speed in the fourth quarter.
This year’s growth could top 7%, making it the fastest since 1984. The economy contracted 3.5% in 2020, which made its worst performance in the last 74 years.
Its forward-looking new orders sub-index jumped to 68.0 in March. That was the highest reading since January 2004 and was up from 64.8 in February. Factories also received more export orders, while order backlogs swelled.
There is a possibility for further expansion, with inventories at manufacturers and their clients still leaning. With demand robust, factories hired workers even more in March. The survey’s manufacturing employment gauge shot up to 59.6, the highest reading since February 2018, from 54.4 in February.
That supports expectations for a sharp acceleration in employment growth in March. According to a Reuters survey of economists, last month’s nonfarm payrolls likely rose by 647,000 jobs after rising by 379,000 in February. The government will publish the employment report for March on Friday.
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