by Calculated Risk on 12/01/2021 10:04:00 AM
(Posted with permission). The ISM manufacturing index indicated expansion in November. The PMI(R) was at 61.1% in November, down from 60.8% in October. The employment index was at 53.3%, up from 52.0% last month, and the new orders index was at 61.5%, up from 59.8%.
Economic activity in the manufacturing sector grew in November, with the overall economy achieving an 18th consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM(R) Report On Business(R).
The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management(R) (ISM(R)) Manufacturing Business Survey Committee:
“The November Manufacturing PMI(R) registered 61.1 percent, an increase of 0.3 percentage point from the October reading of 60.8 percent. This figure indicates expansion in the overall economy for the 18th month in a row after a contraction in April 2020. The New Orders Index registered 61.5 percent, up 1.7 percentage points compared to the October reading of 59.8 percent. The Production Index registered 61.5 percent, an increase of 2.2 percentage points compared to the October reading of 59.3 percent. The Prices Index registered 82.4 percent, down 3.3 percentage points compared to the October figure of 85.7 percent. The Backlog of Orders Index registered 61.9 percent, 1.7 percentage points lower than the October reading of 63.6 percent. The Employment Index registered 53.3 percent, 1.3 percentage points higher compared to the October reading of 52 percent. The Supplier Deliveries Index registered 72.2 percent, down 3.4 percentage points from the October figure of 75.6 percent. The Inventories Index registered 56.8 percent, 0.2 percentage point lower than the October reading of 57 percent. The New Export Orders Index registered 54 percent, a decrease of 0.6 percentage point compared to the October reading of 54.6 percent. The Imports Index registered 52.6 percent, a 3.5-percentage point increase from the October reading of 49.1 percent.”
This was at expectations, and this suggests manufacturing expanded at a slightly faster pace in November than in October.