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The ISM Purchasing Manager’s Index (PMI) for manufacturing survey held steady at 59.1 for the month of January 2018. While this is slightly lower than December’s number by 0.2%, PMI numbers remain strong and at the high end of the spectrum.
From a historical perspective, the past six months of PMI numbers are all in the 90th percentile of reports since 2000. This streak of strong numbers reflects the broad economic optimism across the economy. And on the heels of tax reform, businesses are confident in a positive outlook for 2018. This outlook is again being driven by strong new order numbers (65.4) and production numbers (64.5). Currently, all signs in the PMI survey point to a positive 2018.
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