ISM: US Manufacturing Continues to Grow in November
TEMPE, AZ – The US manufacturing sector grew in November for the fourth consecutive month, according to an industry report released Tuesday.
The purchasing managers index dropped 2.1 percentage points to 53.6% for the month, says the Institute for Supply Management. A reading above 50% is considered a sign for future expansion.
New orders grew 1.8 points in November to reach 60.3%, while production fell 3.4 points to 59.9%. Backlogs decreased 1.5 points to 52%.
Inventories dropped to 41.3%, down 5.6 points from October. Customer inventories fell a slight 1.5 points to 37%.
The employment index was down 2.3 points to 50.8%, remaining above 50% for the second consecutive month.
The overall economy grew for the seventh consecutive month, says ISM.
“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,” said ISM spokesperson Norbert J. Ore.
