Nov. 11, 2015

Manufacturing Growth Slows in October

Economic activity in the manufacturing sector expanded in October for the 34th consecutive month—but just barely, reports the Institute for Supply Management in Tempe, Ariz. The October PMI registered 50.1 percent, 1 percentage point below September and just slightly above the 50 percent level that indicates growth.

Other indices showed mixed results. The New Orders Index increased 2.8 percentage points to 52.9 percent, while the Production Index increased 1.1 percentage points to 52.9 percent. The Employment Index fell 2.9 percentage points to 47.6 percent, however.

Of the 18 manufacturing industries surveyed, seven reported growth in October, including fabricated metal products and miscellaneous manufacturing. Primary metals, machinery, transportation equipment, and appliance and components were among the nine industries reporting contraction.

The October PMI, when annualized, corresponds to a 2.2 percent increase in overall GDP, says Dean Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. The full-year average of 52 percent corresponds to a 2.8 percent increase in GDP.


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Sunday, December 17, 2017