Economic activity in the manufacturing sector expanded in November for the fourth consecutive month, and the overall economy grew for the seventh consecutive month, according to the latest Manufacturing Institute for Supply Management (ISM) Report On Business®.
Manufacturing growth decelerated in November as the PMI registered 53.6 percent, a decrease of 2.1 percentage points when compared to October's reading of 55.7 percent. This continues the recovery in the sector, but at a slower rate of growth.
"The manufacturing sector grew for the fourth consecutive month in November. While the rate of growth slowed when compared to October, the signs are still encouraging for continuing growth as both new orders and production are still at very positive levels, and the Prices Index fell 10 points, signaling less inflationary pressure on manufacturers' costs. Overall, the recovery in manufacturing is continuing, but many are still struggling based on their comments," said Norbert J. Ore, CPSM, C.P.M., chair of the ISM Manufacturing Business Survey Committee.
In November, 12 of the 18 manufacturing industries reported growth. The industries — listed in order — are: Apparel, Leather & Allied Products; Printing & Related Support Activities; Petroleum & Coal Products; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Transportation Equipment; Chemical Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Paper Products; Fabricated Metal Products; and Machinery. The five industries reporting contraction in November are: Wood Products; Furniture & Related Products; Nonmetallic Mineral Products; Primary Metals; and Plastics & Rubber Products.
New OrdersISM's New Orders Index registered 60.3 percent in November, 1.8 percentage points higher than the 58.5 percent registered in October. This is the fifth consecutive month of growth in the New Orders Index. A New Orders Index above 48.8 percent, over time, is generally consistent with an increase in the Census Bureau's series on manufacturing orders (in constant 2000 dollars).
The 13 industries reporting growth in new orders in November — listed in order — are: Petroleum & Coal Products; Electrical Equipment, Appliances & Components; Apparel, Leather & Allied Products; Miscellaneous Manufacturing; Printing & Related Support Activities; Computer & Electronic Products; Paper Products; Plastics & Rubber Products; Primary Metals; Food, Beverage & Tobacco Products; Chemical Products; Machinery; and Fabricated Metal Products. The four industries reporting decreases in new orders in November are: Wood Products; Nonmetallic Mineral Products; Furniture & Related Products; and Transportation Equipment.
Larson Notes: There are good things happening out there in manufacturing. Is it or can it continue? Yes. Is it or can it be happening for you? That is the million dollar question, If it isn’t go back to your play book (your business and/or marketing plan), and make halftime changes. I am thinking this is going to get big. After all look at India growing at over 7% in the 3rd quarter. I cannot think of a nicer person to be growing that fast like myself or you.
Howard Larson
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