US manufacturing growth slows in November
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The Institute for Supply Management (ISM) reported Tuesday that the US manufacturing sector expanded for the fourth consecutive month in November, but at a slower pace than expected.
ISM's manufacturing index fell to 53.6 percent in November from 55.7 percent in October. Nonetheless, any reading above 50 percent indicates expansion.
Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee, commented, "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."
Figures from that report were as follows:
MANUFACTURING AT A GLANCE | ||||||
| Series | Series | Percentage |
| Rate |
|
PMI | 53.6 | 55.7 | -2.1 | Growing | Slower | 4 |
New Orders | 60.3 | 58.5 | +1.8 | Growing | Faster | 5 |
Production | 59.9 | 63.3 | -3.4 | Growing | Slower | 6 |
Employment | 50.8 | 53.1 | -2.3 | Growing | Slower | 2 |
Supplier Deliveries | 55.7 | 56.9 | -1.2 | Slowing | Slower | 6 |
Inventories | 41.3 | 46.9 | -5.6 | Contracting | Faster | 43 |
Customers' Inventories | 37.0 | 38.5 | -1.5 | Too Low | Faster | 8 |
Prices | 55.0 | 65.0 | -10.0 | Increasing | Slower | 5 |
Backlog of Orders | 52.0 | 53.5 | -1.5 | Growing | Slower | 4 |
Exports | 56.0 | 55.5 | +0.5 | Growing | Faster | 5 |
Imports | 51.5 | 51.0 | +0.5 | Growing | Faster | 3 |
OVERALL ECONOMY | Growing | Slower | 7 | |||
Manufacturing Sector | Growing | Slower | 4 | |||
*Number of months moving in current direction
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