The overall economy and the manufacturing sector grew again in January, according to the latest ISM report. The PMI was 59.1% in January, which is slightly lower than it was in December, but still high compared to the 12-month average. Food, beverage, and tobacco was one of the 14 industries reporting growth; however, respondents noted that “employment is tight.”
Here’s the high-level view for food, beverage, and tobacco:
Growth in new orders
No change in production
Decrease in employment
Slower supplier deliveries
Lower inventories
Customer inventories too low
Increased prices for raw materials
Decrease in order backlogs
Growth in new export orders
Growth in imports
Overall, the results support a continued positive trend in the manufacturing sector, which expanded for the 17th straight month, and the overall economy, which grew for the 105th month in a row.