Economic activity in the US manufacturing sector grew in December, with the overall economy notching an eighth consecutive month of growth, according to the latest Manufacturing ISM Report On Business.
The December Manufacturing PMI registered 60.7 percent, up 3.2 percentage points from the November reading of 57.5 percent. This figure indicates expansion in the overall economy for the eighth month in a row after contracting in March, April, and May, which ended a period of 131 consecutive months of growth. Index breakdown:
Index | December level | November level |
New Orders | 67.9 | 65.1 |
Production | 64.8 | 60.8 |
Backlog of Orders | 59.1 | 56.9 |
Employment | 51.5 | 48.4 |
Supplier Deliveries | 67.6 | 61.7 |
Inventories | 51.6 | 51.2 |
Prices | 77.6 | 65.4 |
New Export Orders | 57.5 | 57.8 |
Imports | 54.6 | 55.1 |
Of the 18 manufacturing industries, 16 reported growth in December, in the following order: apparel, leather and allied products; furniture and related products; wood products; fabricated metal products; machinery; computer and electronic products; transportation equipment; plastics and rubber products; paper products; chemical products; petroleum and coal products; primary metals; textile mills; electrical equipment, appliances and components; food, beverage and tobacco products; and miscellaneous manufacturing.
The two industries reporting contraction in December are: printing and related support activities; and nonmetallic mineral products.