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PMI Expands in November

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Economic activity in the manufacturing sector expanded in November for the 27th straight month, and the overall economy grew for the 115th consecutive month, say the nation’s supply executives in the latest Manufacturing Report On Business from the Institute for Supply Management, Tempe, Ariz. The PMI for November was 59.3 percent, an increase of 1.6 percentage points from October.

Of the 18 manufacturing industries, 13 reported growth in November, including appliances  and components and miscellaneous manufacturing. Primary metals was among the three industries reporting contraction in November.

Among other indices, New Orders increased 4.7 percentage points to 62.1 percent, the Production Index gained 0.7 percentage points to 60.6 percent and the Employment Index of 58.4 percent was up 1.6 percentage points from October.

The past relationship between the PMI and the overall economy indicates the November PMI of 59.3 percent corresponds to a 4.9 percent increase in real gross domestic product on an annualized basis.

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