Manufacturing strength in the United States is reported to be the lowest it has been in more than 10 years according to a report by the Institute for Supply Management.
The latest purchasing managers’ index has been released by the Institute for Supply Management. The document provides key guidance on the manufacturing strength within the United States, and the most recent document provides a strength reading which is lower than it has been in more than 10 years.
The ISM index is reported at 47.8% for September. This is the lowest reading since June 2009.
This announcement comes just months before medical device excise tax is reintroduced in to the United States. Medical device tax which has been suspended since 2016 will come into effect in January 2020 unless Congress acts.
“We’ve seen this play out before. The medical device tax means fewer jobs and less economic vitality,” said Scott Whitaker, president and CEO of the Advanced Medical Technology Association (AdvaMed).
“When the tax was in place for just three short years, our industry lost nearly 29,000 jobs, not to mention significant reductions in spending on infrastructure and life-saving research and development.
“We can’t allow the economic gains of the last few years to be jeopardised by the return of this onerous tax.
“A bipartisan majority of Congress understands this tax is bad for jobs and bad for patients. The policy is settled; the process is the problem, and that’s wrong. Congress can address this in the next six weeks. The sooner it does, the quicker American manufacturing can get the shot in the arm it needs to help get back on track and growing again.”