After rebounding from their pandemic lows, worsening supply chain disruptions, labor shortages, and rising commodity prices have hurt the industrial sector significantly over the past year. Rising input costs and the upcoming recession could trouble the industry further.
However, the strong demand for industrial goods and favorable government policies to support domestic production should help companies in this space stay afloat. The Manufacturing PMI reading reached 56.1% in May, up 0.7% from the prior month’s reading.
