The ISM Manufacturing Index jumped by one point and remains at an historically strong reading of 58.6 after having contracted for the previous three months. Robust demand drove last month’s increase as the New Orders Index grew by +3.8 points and the Backlog of Orders surged by +8.6 points. However, wage inflation and labor shortages remain a concern as the Institute for Supply Management states that: “A higher-than-normal quits rate and early retirements continued.”
