Nov. 8, 2017

PMI Down 2.1 Percentage Points in October

Economic activity in the manufacturing sector continued to expand in October despite a slight decrease in PMI month over month, according to the latest Manufacturing Report on Business from the Institute for Supply Management, Tempe, Ariz.

The October PMI was 58.7 percent, down 2.1 percentage points from September. According to the ISM, 16 of the 18 manufacturing industries reported growth in October, including primary metals, fabricated metal products, machinery, appliances and components, transportation equipment, and miscellaneous manufacturing.

Among other indices, the New Orders Index decreased 1.2 percentage points from September to 63.4 percent. The Production Index fell 1.2 percentage points to 61.0 percent for the month, the Employment Index decreased 0.5 percentage points to 59.8 percent and the Supplier Deliveries Index dropped 3.0 percentage points to 61.4 percent.

If October’s 59.7 percent PMI is annualized, it corresponds to a 4.9 percent increase in real GDP annually, says Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee. "The past relationship between the PMI and the overall economy indicates that the average PMI for January through October (57.3 percent) corresponds to a 4.4 percent increase in real gross domestic product,” he adds.

The Manufacturing ISM Report on Business is based on data compiled from purchasing and supply executives nationwide. In the manufacturing sector, a PMI above 50 percent represents growth.


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Saturday, November 18, 2017