Research Briefing | May 6, 2021

US | The changing face of manufacturing’s rebound in 2021

US | The changing face of manufacturing’s rebound in 2021

US manufacturing activity is currently above pre-coronavirus levels, marking
the fastest and strongest recovery in the past 60 years. A durable goods snapback in the latter half of 2020 powered the rebound, while nondurables
recovered more slowly. With manufacturing output now above its pre-recession level, we anticipate the recovery dynamics will flip this year, with growth in nondurables taking the lead.

What you will learn:

  • Robust demand for automobiles and computers and electronics supported manufacturing’s rapid comeback in H2 2020.
  • Looking ahead, nondurable goods will lead the manufacturing sector’s recovery in 2021. Chemicals, food and beverage, and petroleum and coal will be the main sources of growth.
  • With more than half of states having recouped their pandemic-induced losses by the end of 2020, we expect all states to make up their losses by Q2 2021.



Back to Resource Hub

Related Services

Seoul, South Korea


BoK’s monetary policy to tighten even as hiking cycle ends

Even without rate hikes, central banks' monetary policies can effectively tighten if the nominal neutral rate falls below the policy rate. We expect this will be the case for the Bank of Korea this year, as the gap between the policy rate and the nominal neutral rate widens.

Find Out More
China Shenzhen skyline


Why China isn’t about to save the world economy

The earlier and faster than expected ending of zero-Covid restrictions in China bodes well for the global economy and adds to the recent run of positive news.

Find Out More