Dec. 6, 2017

November PMI Drops Slightly to 58.2 Percent

Economic activity in the manufacturing sector expanded in November despite a second consecutive month of decline in PMI, according to the latest Manufacturing Report on Business from the Institute for Supply Management, Tempe, Ariz.

The November PMI was 58.2 percent, down 0.5 percentage points from October. According to the ISM, 14 of the 18 manufacturing industries reported growth in November, including primary metals, fabricated metal products, machinery, appliances and components, transportation equipment, and miscellaneous manufacturing. Petroleum and coal products was one of two industries reporting contraction during the month.

Among other indices, the New Orders Index increased 0.6 percentage points from October to 64 percent. The Production Index climbed 2.9 percentage points in November to 63.9 percent, the Employment Index decreased 0.1 percentage points to 59.7 percent and the Supplier Deliveries Index dropped 4.9 percentage points to 56.5 percent.

If November’s 58.7 percent PMI is annualized, it corresponds to a 4.7 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 November (57.4 percent) corresponds to a 4.5 percent increase in real gross domestic product on an annualized basis,” he adds.


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Wednesday, January 17, 2018