Dec. 7, 2016

Manufacturing Expands in November

The PMI hit 53.2 percent in November, an increase of 1.3 percentage points, indicating expansion of the manufacturing sector for the third straight month, reports the Institute for Supply Management, Tempe, Ariz. A reading above 50 percent indicates growth.

Of the 18 manufacturing industries surveyed, 11 reported growth in November, including fabricated metals, primary metals and miscellaneous manufacturing. Among the six industries reporting contraction were transportation equipment, and appliances and components.

Other key indices also reported growth in November. ISM’s New Orders Index increased 0.9 of a point to 53 percent, the Production Index increased 1.4 percentage points to 56 percent, while the Employment Index declined 0.6 of a point but remained positive at 52.3 percent.

If annualized, the November PMI corresponds to a 3.2 percent increase in real GDP. The 11-month average PMI of 51.2 percent corresponds to a 2.5 percent increase in GDP, ISM reports.


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Tuesday, October 17, 2017