The manufacturing sector grew in November at a faster clip than during the previous month as the overall economy grew for the 90th consecutive month.
According to the latest Manufacturing Institute for Supply Management (ISM) Report On Business, last month's Purchasing Management Index (PMI) stood at 53.2%, up 1.3% from October.
A reading above 50% indicates growth, while anything below that mark suggests contraction.
The nation’s supply executives also report the New Orders Index edged up 0.9% to 53%, the Production Index added 1.4% to register 56%, while the Employment Index slipped 0.6% to 52.3%.
Inventories of raw materials came in at 49%, an increase of 1.5%, and the Prices Index was unchanged at 54.5%, indicating higher raw materials prices for the ninth consecutive month.
Performance by industry
Of the 18 manufacturing industries, the following 11 reported growth:
- Miscellaneous Manufacturing;
- Petroleum & Coal Products;
- Paper Products;
- Computer & Electronic Products;
- Food, Beverage & Tobacco Products;
- Chemical Products;
- Fabricated Metal Products;
- Plastics & Rubber Products;
- Nonmetallic Mineral Products; and
- Primary Metals.
These six industries reported contraction:
- Printing & Related Support Activities;
- Wood Products;
- Apparel, Leather & Allied Products;
- Electrical Equipment, Appliances & Components;
- Transportation Equipment; and
- Furniture & Related Products.