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President Joe Biden touts U.S. manufacturing growth reflected in ISM report

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U.S. President Joe Biden delivers remarks on his work to rebuild manufacturing at the White House in Washington, D.C., February 8, 2021. The Manufacturing ISM report released Wednesday showed 24 straight months of U.S. manufacturing sector growth. File Photo by Yuri Gripas/UPI | <a href="/News_Photos/lp/1b3a67f3b06b47eac01df38e23e63e78/" target="_blank">License Photo</a>
U.S. President Joe Biden delivers remarks on his work to rebuild manufacturing at the White House in Washington, D.C., February 8, 2021. The Manufacturing ISM report released Wednesday showed 24 straight months of U.S. manufacturing sector growth. File Photo by Yuri Gripas/UPI | License Photo

June 1 (UPI) -- President Joe Biden said continued U.S. manufacturing growth, reflected in a report released Wednesday by the Institute for Supply Management, is no accident.

"Today, we learned that American manufacturing continued to grow in May," Biden said in a statement. "Since I took office, we've added 545,000 manufacturing jobs -- and more manufacturing jobs were created in 2021 than in any year in nearly 30 years. This didn't happen by accident -- this is a direct result of my economic plan to grow the economy from the bottom up and middle out."

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Biden urged Congress to "swiftly pass" the Bipartisan Innovation Act, which he said would help lower prices while making sure the next generation of advanced manufacturing happens in America, with American workers.

The U.S. manufacturing sector grew in May for the 24th consecutive month, according to the ISM report. The May Manufacturing PMI, an index of manufacturing activity in the United States, reached 56.1%, up from 55.4% in April. A reading above 50 indicates that the manufacturing economy is expanding.

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"Manufacturing performed well for the 24th straight month, with demand registering faster month-over-month growth and consumption softening due to labor force constraints. Overseas partners' disruptions are beginning to impact U.S. manufacturing, creating a near-term headwind for factory output growth," Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, said in a statement.

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Fiore's statement said the U.S. manufacturing sector remains in a "demand-driven, supply chain-constrained environment."

All of the six biggest manufacturing industries -- machinery; computer and electronic products; food, beverage and tobacco; transportation equipment; petroleum and coal products; and chemical products -- saw moderate-to-strong growth in May, according to ISM.

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The organization serves supply management professionals in more than 90 countries. The Manufacturing ISM Report has been issued in the United States since 1931.

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