Jan. 3, 2018

December PMI Hits 59.7 Percent

Economic activity in the manufacturing sector expanded in December, the 16th-straight month of growth, says the Institute for Supply Management in its monthly Report on Business. The PMI in December was 59.7 percent, an increase of 1.5 percentage points from November. Any reading above 50 percent represents growth in the manufacturing sector.

Of the 18 manufacturing sectors, all but two demonstrated growth in December, including primary metals, fabricated metal products, transportation equipment, appliances and components, and miscellaneous manufacturing.

Other indices also showed significant growth in December. The New Orders Index registered 69.4 percent, an increase of 5.4 percentage points from November, the Production Index climbed 1.9 percentage points to 63.9 percent and the Suppliers Index was at 57.9 percent, up 1.4 percentage points. The Employment Index fell 2.7 percentage points to 57 percent.

December’s PMI of 59.7 percent corresponds to a 5.2 percent increase in real GDP annually, says Timothy Fiore, chairman of ISM’s Manufacturing Business Survey Committee. Additionally, the full-year average of 57.6 percent corresponds to a 4.5 percent increase in GDP.


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Wednesday, January 17, 2018