supply chains for advanced batteries, pharmaceuticals, critical minerals and semiconductors. Last week, President Joe Biden signed an executive order intended to boost manufacturing jobs by strengthening U.S. Michael Pearce, a senior economist at Capital Economics, said that reflected in part “increasing global shortages of electronics and in particular semiconductors.” He said these shortages could hold back the recovery in manufacturing output in coming months. However, manufacturers are having to wrestle with lengthening delivery times for components at many factories. The index for new orders rose to 64.8%, up from 61.1% in January, while the employment index stood at 54.4%, up from 52.6% in January, the report found. “As long as parts of the services sector are shut down, Americans are spending on hard goods. “They are buying all kinds of items that the manufacturing economy builds,” he said. Manufacturers are also benefiting from a shift in spending, with Americans spending money on homes and other projects rather than going out to restaurants or risking shopping indoors, Fiore said. Timothy Fiore, chair of the ISM manufacturing survey panel, said the survey shows that a recovery is ongoing as manufacturers find ways to deal with supply-chain shortages and lingering pandemic issues such as short-term shutdowns at some plants to sanitize facilities. The survey found optimism increasing with five positive comments for every cautious comment, up from a 3-to-1 ratio in the January survey.
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