ISM PMI Indicates Continued Economic Expansion

The November ISM PMI registered 58.2 percent, a decrease of 0.5 percentage point from the October reading of 58.7 percent. “This indicates growth in manufacturing for the 15th consecutive month led by expansion in new orders and production, offset by supplier delivery improvement and declines in raw material inventory,” said Timothy R. Fiore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee.

New orders and production both accelerated in November, up 0.6 points to 64 percent and 2.9 points to 63.9 percent, respectively. Raw material inventories contracted in November to 47 percent as suppliers continued to have difficulty meeting production schedules. Customer inventories were 2.0 percent higher at an index reading of 45.5 percent. Backlogs registered no change at 55 percent