The monthly decrease more than offset the increase seen in October, driven by a decline in transportation equipment.
Latest In Economic Trends
The latest PMA business report shows that metalforming manufacturers remain upbeat toward growth coming into 2025.
GDP accelerated from 2Q, showing increases in consumer spending, exports, federal government spending and nonresidential fixed investment.
Members expect greater growth in 2025, driven by factors like election outcomes, branch expansion and increased consumer activity.
Manufacturing respondents anticipate annual revenues to significantly increase from a relatively flat 2024.
Along with the cut, the central bank issued its projections through 2027 for the interest rate, inflation, GDP growth, unemployment and more.
November marked the third consecutive monthly decline, as output in every category of nondurable consumer goods fell.
Along with updated projections for full-year 2024 and 2025, our latest forecast shows 2026 sector-specific expectations.
U.S. wholesale inflation increase 3% year-over-year, the largest advance since February 2023.
The report showed a slight dip in October from the same period a year prior, as industry leaders anticipate a gradual recovery in 2025.
November’s increase was slightly above each of the previous four months.
Despite orders decreasing month-to-month, October 2024 was 3% above the average value of all Octobers.
The report showed a slight dip in October sales compared to September, with total sales down 0.1%, but an increase of 0.9% year-over-year.
HARDI members reported an 11% increase in sales with expectations of continued growth if inflation and mortgage rates ease.
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The October increase followed decreases in September and August.
Government data showed a third straight monthly increase in October, and accelerated from the previous two.
While still in contraction territory overall, the November report showed a healthy increase in new orders and employment.
The PMA report shows that metalforming manufacturers maintain a guarded yet optimistic economic outlook.
