The manufacturing sector contracted in November for the 13th consecutive month, according to the latest Manufacturing ISM Report on Business.
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The Manufacturing Purchasing Managers Index was 46.7%, unchanged from October. A PMI above 48.7% generally indicates an expansion of the economy.
The overall economy continued in contraction for a second month.
- The New Orders Index remained in contraction territory at 48.3%, 2.8 percentage points higher than the figure of 45.5% recorded in October.
- The Production Index reading of 48.5% is a 1.9-percentage point decrease compared to October’s figure of 50.4%.
- The Prices Index registered 49.9%, up 4.8 percentage points compared to the reading of 45.1% in October.
- The Backlog of Orders Index registered 39.3%, 2.9 percentage points lower than the October reading of 42.2%.
- The Employment Index registered 45.8%, down 1 percentage point from the 46.8% reported in October.
- The Supplier Deliveries Index figure of 46.2% is 1.5 percentage points lower than the 47.7% recorded in October.
- The Inventories Index increased by 1.5 percentage points to 44.8 percent; the October reading was 43.3%.
- The New Export Orders Index reading of 46% is 3.4 percentage points lower than October’s figure of 49.4%.
- The Imports Index remained in contraction territory, registering 46.2%, 1.7 percentage points lower than the 47.9% reported in October.
The three manufacturing industries that reported growth in November are: Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; and Transportation Equipment.
