Manufacturing Eases Slightly in November, ISM Says

Manufacturing growth eased slightly but remained strong in November, the Institute for Supply Management (Tempe, AZ) said today. The group’s manufacturing index, known as the PMI, was 58.2% last month, according to a monthly report. That was down from 58.7% in October.
“Overall it was a really strong report,” Timothy R. Fiore, chair of ISM’s Manufacturing Business Survey Committee, said on a conference call with reporters. “We’re at the same levels of growth and expansion as before the hurricane.” Hurricanes Harvey and Irma, which struck the United States in August and September respectively, affected deliveries and supplies while not slowing manufacturing overall. “Hurricane issues are behind us,” Fiore said. ISM said 14 of 18 industries reported economic expansion in November. They included machinery, transportation equipment, fabricated metal products, miscellaneous manufacturing and primary metals. Only two sectors reported economic contraction, including petroleum and coal products. The ISM report is based on a survey of 350 purchasing and supply executives. A reading above 50% indicates expansion and below 50% contraction. The PMI has averaged 57.1% the past 12 months and 57.4% for the first 11 months of 2017. The index last indicated economic contraction in August 2016. The lowest mark in the past 12 months was 54.5% in December 2016.