November 1, 2021 – Both the US and Heartland imports dropped in October along with business confidence, while new export orders and manufacturing continued growth.
US exports accelerated to a reading of 54.6 for the 16th consecutive month of growth from September’s 53.4, according to today’s Institute for Supply Management (ISM) Report on Business. Imports slid to 49.1 in October, down from 54.9 in September.
Supply chain bottlenecks curtailed imports, which could continue to plague import growth well into 2022. Meanwhile, US manufacturing forged ahead for the 17th consecutive month.
According to Creighton University’s Ernie Goss, PhD., “The Heartland 9-state Business Conditions Index, which uses the identical methodology as the national ISM, ranges between 0 and 100, climbed to a very healthy 65.2 from September’s 61.6.”
At the same time, Heartland business confidence remained at its lowest level since March 2020, the Heartland report continued. It’s obvious that a combination of the bottlenecks, along with a strengthening dollar and world unrest, are contributing to eroding business confidence.