The Institute for Supply Management reported that the Manufacturing Purchasing Managers Index (PMI) was 48.4% in November, indicating the sector contracted again. The figure is 1.9 percentage points higher than October. The overall economy continued in expansion for the 55th month.
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Here’s the breakdown of November PMI:
- New Orders Index: 50.4%, up 3.3 percentage points than October
- Production Index: 46.8%, up 0.6 percentage point over October.
- Prices Index: 50.3%, down 4.5 percentage points from October.
- Backlog of Orders Index: 41.8%, down 0.5 percentage point from October.
- Employment Index: 48.1%, up 3.7 percentage points from October.
- Supplier Deliveries Index: 48.7%, down 3.3 percentage points from October.
- Inventories Index: 48.1%, up 5.5 percentage points from October.
- New Export Orders Index: 48.7%, up 3.2 percentage points from October.
- Imports Index: 47.6%, down 0.7 percentage point from October.
“U.S. manufacturing activity contracted again in November, but at a slower rate compared to last month,” said Timothy R. Fiore, ISM Chairman. “Demand continues to be weak but may be moderating, output declined again, and inputs stayed accommodative. Positive signs for demand include the New Orders Index returning to expansion territory, New Export Orders Index increasing moderately, Backlog of Orders Index dipping further into strong contraction territory, and Customers’ Inventories Index indicating levels were only marginally above ‘too low.’”
The manufacturing industries reporting growth in November included:
- Food, Beverage & Tobacco Products
- Computer & Electronic Products
- Electrical Equipment, Appliances & Components
The manufacturing industries reporting contraction in November included:
- Printing & Related Support Activities
- Plastics & Rubber Products
- Chemical Products
- Paper Products
- Transportation Equipment
- Fabricated Metal Products
- Furniture & Related Products
- Machinery
- Nonmetallic Mineral Products
- Miscellaneous Manufacturing
- Primary Metals
