TEMPE, AZ - Economic activity in the manufacturing sector expanded in November for the fourth consecutive month, and the overall economy grew for the seventh consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business.
The report was issued by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. “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.”
ISM’s new orders index registered 60.3% in November, 1.8 percentage points higher than the 58.5% registered in October. This is the fifth consecutive month of growth in the new orders index. A new orders index above 48.8%, over time, is generally consistent with an increase in the Census Bureau’s series on manufacturing orders (in constant 2000 dollars).
The data presented in the report is obtained from a survey of manufacturing supply managers based on information they have collected within their respective organizations. For more information, visit www.ism.ws