Economic activity in the US manufacturing sector expanded in November, and the overall economy grew for the 90th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The November PMI registered 53.2 percent, an increase of 1.3 percentage points from the October reading of 51.9 percent. Specific indexes:
• The New Orders Index registered 53 percent, an increase of 0.9 percentage point from the October reading of 52.1 percent.
• The Production Index registered 56 percent, 1.4 percentage points higher than the October reading of 54.6 percent.
• The Employment Index registered 52.3 percent, a decrease of 0.6 percentage point from the October reading of 52.9 percent.
• Inventories of raw materials registered 49 percent, an increase of 1.5 percentage points from the October reading of 47.5 percent.
• The Prices Index registered 54.5 percent in November, the same reading as in October, indicating higher raw materials prices for the ninth consecutive month.
Comments from manufacturing sector representatives cited increasing demand, some tightness in the labor market and plans to reduce inventory by the end of the year, according to the report.