Tremendous December gains in domestic manufacturing made 2017 the strongest year for US manufacturing since 2004.
A report from the Institute for Supply Management said December’s expansions in orders and production was at the fastest pace in three months, boosting the manufacturing index. The 2017 average was 57.6 and was made possible through strong domestic business investment and increased household spending, despite a dip in November following a number of devastating hurricanes.
The report also notes that firms are paying higher wages to build their workforce, another positive sign that US wages are finally catching up to a low unemployment rate.
Analysts believe that these strong manufacturing numbers will continue into early 2018. Timothy Fiore, chairman of the ISM, said that the recently passed Republican tax plan will also incentivize businesses to invest domestically.
Manufacturers are also seeing their global exports improve, another sign that the global economy is improving.
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