Economic activity in the manufacturing sector expanded in November for the sixth consecutive month, and the overall economy grew for the 54th consecutive month, according to the latest Manufacturing ISM Report on Business.
The PMI registered 57.3 percent, an increase of 0.9 percentage point from October's reading of 56.4 percent. The PMI has increased progressively each month since June, with November's reading reflecting the highest PMI in 2013.
The New Orders Index increased in November by 3 percentage points to 63.6 percent, and the Production Index increased by 2 percentage points to 62.8 percent. The Employment Index registered 56.5 percent, an increase of 3.3 percentage points compared to October's reading of 53.2 percent. This reflects the highest reading since April 2012 when the Employment Index registered 56.8 percent.
Of the 18 manufacturing industries, 15 are reporting growth in November in the following order: plastics & rubber products; textile mills; furniture & related products; primary metals; food, beverage & tobacco products; paper products; printing & related support activities; petroleum & coal products; miscellaneous manufacturing; electrical equipment, appliances & components; transportation equipment; chemical products; computer & electronic products; nonmetallic mineral products; and fabricated metal products.
The three industries reporting contraction in November are: apparel, leather & allied products; wood products; and machinery.
