The industrial sector is the backbone of the U.S. economy. Thanks to sustained demand and consumer spending, the sector has been recovering at an accelerated pace since last year. Manufacturing output rose 1.2% sequentially in February, surpassing Reuters’ 0.6% improvement consensus estimate. On a year-over-year basis, manufacturing output rose 7.4% in February 2022.
With a mending economy, the industrial sector is projected to do well in the coming months. Businesses are increasing their spending to support increasing production and to meet the strong demand in the manufacturing, construction, commercial, and transportation market segments. These industries are adopting digital technology to bring operational efficiencies to scale and to promote sustainability by using clean fuels and green practices.
