Despite the ongoing supply chain disruptions, strong demand for goods has kept the industrial sector growing. Total industrial production at the U.S. factories increased by 0.6% in July. Also, U.S. manufacturing increased steadily in August with the rebound of employment and new orders. Moreover, acceleration in the adoption of digital technology and advancing sustainability practices are expected to bolster the sector’s growth.
However, 3M Company (MMM), the industrial conglomerate’s shares, declined 20.9% over the past month due to an overhang of lawsuits. In late August, two veterans sued the company to block the spinoff of its healthcare business over the company’s faulty earplugs that caused hearing damage.
