Dec. 9, 2015

Manufacturing Activity Contracts in November

Economic activity in the manufacturing sector contracted in November for the first time in three years, reports the Tempe, Ariz.-based Institute for Supply Management in its latest Report on Business. The PMI for November was 48.6 percent, a decline of 1.5 percentage points from September and below the 50 percent threshold that signifies growth.

Of the 18 manufacturing industries surveyed, only five reported growth in November, including miscellaneous manufacturing and transportation equipment. Ten industries reported contraction, including primary metals, machinery, appliances and components and fabricated metal products.

Other indices also saw significant declines in November. The New Orders Index fell 4 percentage points to 48.9 percent; the Production Index registered 49.2 percent, down 3.7 percentage points; and the Prices Index was at 35.5 percent, a decline of 3.5 percentage points. The Employment Index defied the trend, registering 51.3 percent, an increase of 3.7 percentage points from October.

The November PMI corresponds to just a 1.7 percent increase in real GDP annually, says Bradley Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. Additionally, the average PMI of 51.6 percent through November corresponds to a 2.7 percent increase in GDP.


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Saturday, December 16, 2017