Manufacturing Remains in Contraction Mode
By
Metal Center News Staff on
Dec 2, 2024
Economic activity in the manufacturing sector contracted in November for the eighth consecutive month and the 24th time in the last 25 months, according to the latest Report on Business from the Institute for Supply Management. However, the PMI in November did increase 1.9 percentage points to 48.4 percent.
The New Orders Index returned to expansion, albeit weakly, after seven months of contraction, registering 50.4 percent, 3.3 percentage points higher than the 47.1 percent recorded in October. The November reading of the Production Index of 46.8 percent was 0.6 percentage points higher. The Employment Index registered 48.1 percent, up 3.7 percentage points from October’s figure of 44.4 percent.
“U.S. manufacturing activity contracted again in November, but at a slower rate compared to last month. Demand continues to be weak but may be moderating, output declined again and inputs stayed accommodative," said Timothy Fiore, chair of the ISM's Manufacturing Business Survey Committee.
Only three manufacturing industries reported growth in November, none heavily connected to the metals segment. Fabricated metal products was one of 11 industries reporting contraction.