U.S. ISM manufacturing index likely to have remained elevated in January

The U.S. ISM manufacturing index continued to be elevated in the month of November at 59.7. This was its fifth straight print of 58 or better. New orders were especially solid, with the 69.4 December print being the highest in 13 years. This augurs well for factory activity in the first months of 2018, noted Wells Fargo in a research report. The results for December signaled that factories are having trouble keeping up with the sharp rise in demand, judging by elevated indices gauging supplier delivery times and backlogs.

The rise in global demand has been a huge boon for American manufacturers, with comments describing better foreign demand becoming more frequent coinciding with the export component rising to a six-month high. That extra rise from global demand would possibly continue, stated Wells Fargo. Domestic demand is also expected to continue underpinning capital investment and factory activity, especially as the recently passed tax charges play out in business plans. According to Wells Fargo, ISM manufacturing index is expected to have come in at 58.4 in January.

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