Manufacturing in the US slows due to coronavirus, but furniture products are still doing well.
Data reviewed from the Institute for Supply Management (ISM) indicates that out of 18 U.S. manufacturing industries, 14 grew in February, however growth is slowing down due to the spread of the coronavirus. As an association of purchasing managers, The ISM said its index registered 50.1 for the month of February, which it determines through an inside survey. That's down from the month of January's 50.9, but anything above 50 means growth in these terms. Leading growth were the furniture manufacturing and wood industries. "Global supply chains are impacting almost all of the manufacturing industry sectors," said the Institute's survey chairman Mr. T. Fiore in a released statement. Concerns about current and ongoing reliable Asian and Chinese supplies dominated all comments, with many panelists mentioning the impact of the virus. The ISM writes that much of China has been locked down due to the virus. The lockdown is disrupting the supply chains of many American companies, however, many large companies and banks are reopening their doors. Some said sales continue to be strong. Others, specifically in the transportation equipment industries, chemical supplies and the electronics - said that the virus is impacting new business, delivery times, and pricing. Manufacturing production and export showed some growth for the month of February, while new orders and hiring showed a decline overall.