U.S. manufacturing reached its lowest point since the start of the pandemic, according to a report released as President Joe Biden embarked on a tour of U.S. factories to tout his promise to boost the industry, the Washington Free Beacon website reports today (April 4, 2023).
Yesterday, the Institute for Supply Management's manufacturing index reached its lowest point, 46.3, since May 2020, Reuters reported. Excluding the pandemic recession, the index, known as PMI, was at its lowest point since 2009.
PMI is a tool for identifying economic trends in the manufacturing and service sectors based on business conditions at hundreds of major companies. A PMI below 50 indicates decline.
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