Manufacturing Contracts in November
By Metal Center News Staff
on Dec 2, 2019
Economic activity in the manufacturing sector contracted in November for the fourth straight month, reports the Tempe, Ariz.-based Institute for Supply Management in its latest Manufacturing ISM Report on Business. The PMI in November was 48.1 percent, a decrease of 0.2 percentage points from the previous month.
Among other indices, the New Orders Index was at 47.2 percent, a decrease of 1.9 percentage points; the Production Index gained 2.9 percentage points to 49.1 percent, and the Employment Index fell 1.1 percentage points to 46.6 percent.
Of the 18 manufacturing industries, five reported growth in November including miscellaneous manufacturing. All other metals-intensive categories, including, fabricated metal products, primary metals, transportation equipment, machinery and appliances and components reported contraction in November.
The PMI for October corresponds to a 1.5 percent increase in GDP, reports Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.