After healing from the pandemic lows, deepening supply chain constraints due to escalating sanctions on Russia, labor shortages, and rising commodity prices have significantly affected the industrial sector this year. Moreover, the impact of high inflation on manufacturing to distribution and concerns over an upcoming recession could trouble the industry further.
However, strong demand for industrial goods and favorable government policies to support the domestic industrial sector should help companies in this space stay afloat. The May Manufacturing PMI registered 56.1%, up 0.7% from the prior month.
