Manufacturing PMI at 57.5 Percent in November
By Metal Center News Staff
on Dec 1, 2020
Economic activity in the manufacturing sector continued to grow in November, reports the Institute for Supply Management in its latest Manufacturing Report on Business. The November PMI was 57.5, down from 59.3 percent in October but still representing healthy growth.
Of the 18 manufacturing industries, 16 reported growth in November, including fabricated metal products, primary metals, machinery, appliances and components, transportation equipment and miscellaneous manufacturing.
Two other major indices demonstrated similar patterns as the PMI, with growth slowing but at still-high levels. The New Orders Index registered 65.1 percent, down 2.8 percentage points; the Production Index declined 2.2 percentage points to 60.8 percent. The Employment Index, however, returned to contraction at 48.4 percent; a 4.8 percentage point decrease.
“The manufacturing economy continued its recovery in November. Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that will likely limit future manufacturing growth potential,” said Timothy Fiore, chairman of the ISM’s Manufacturing Business Survey Committee.