Manufacturing growth continues in 2022. Economic activity in the manufacturing sector continued to grow in May 2022, with the overall manufacturing economy achieving a 24th consecutive month of growth, according to the most recent Manufacturing ISM Report on Business.
“The ISM Manufacturing PMI for May came in at 56.1 indicating manufacturing growth for the 24th consecutive month,” explained Mike Eberl, Customodal CEO. “Further down in the details, we see new orders, production, and order backlogs growing, supplier deliveries slowing even more, and already low customer inventories not rebuilding.”
All six of the biggest manufacturing industries registered moderate-to-strong growth in May, according to the report. These industries include: Machinery; Computer & Electronic Products; Food, Beverage & Tobacco Products; Transportation Equipment; Petroleum & Coal Products; and Chemical Products.
These industries also reported slower deliveries in May. The Supplier Deliveries Index registered 65.7 percent, 1.5 percentage points lower than the 67.2 percent reported in April. However, transportation networks reflected improvement compared to April.
“Inflation is high. From unprecedented gasoline and diesel prices affecting summer travel and truck fuel surcharges to incredible increases in labor costs to rising costs for electricity to run the plants and factories…prices have been going up,” said Eberl.
Find the full report HERE.
Customodal works with many manufacturing industry companies to help with their logistics needs. As manufacturing growth continues in 2022, reach out to our team for solutions to all of your shipping needs.