According to the Institute for Supply Management (ISM), the manufacturing sector has indeed been experiencing a prolonged period of contraction. The ISM’s Purchasing Managers Index (PMI), which measures manufacturing activity, has shown a consistent decline, indicating that the sector has not seen sustained expansion.
This trend is significant as it highlights ongoing challenges within the manufacturing industry, including supply chain disruptions, inflationary pressures, and workforce shortages. The prolonged contraction is one of the longest on record, underscoring the sector’s struggles in the current economic environment.
US MANUFACTURING RECESSION IS HERE:
US manufacturing sector has contracted for the last 20 out of 21 months.
In other words, it has been 21 months when manufacturing has not seen an expansion for two straight months, 2nd longest streak on record.
This is truly incredible. pic.twitter.com/tqHHYr2DcY
— Global Markets Investor (@GlobalMktObserv) July 21, 2024