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Jan. 9, 2013
ISM: Manufacturing Grows in December
Economic activity in the manufacturing sector expanded in December following a month of contraction, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management, Tempe, Ariz. The PMI registered 50.7, a full 1.2 percentage points better than the November reading, its low point for the year. A reading above 50 indicates growth.
Of the 18 manufacturing industries, seven reported growth in December, including primary metals. On the other hand, fabricated metals, machinery and miscellaneous manufacturing all reported contraction in December.
The average PMI for January through December of 51.7 percent corresponds to a 3.1 percent increase in real gross domestic product. In addition, if the PMI for December is annualized, it corresponds to a 2.7 percent increase in real GDP annually, says Bradley J. Holcomb, chairman of ISM's Manufacturing Business Survey Committee.
Among other reports, ISM's New Orders Index remained at 50.3 percent, indicating growth for the fourth straight month. The Production Index was down 1.2 percentage points to 52.6, though still growing. The Employment Index registered 52.7 percent, an increase of 4.3 percentage points and a resumption of growth following one month of contraction.
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