Economic activity in the manufacturing sector expanded in November for the sixteenth consecutive month, and the overall economy grew for the nineteenth consecutive month, according to the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The manufacturing sector grew during November, with both new orders and production continuing to expand. With the PMI at 56.6%, November's rate of growth is the second fastest in the last six months. Exports and imports continue to support expansion in the sector. Prices moderated slightly during the month, but comments from the respondents express concerns with regard to pricing pressures. The list of commodities in short supply increased, though short supply items are not yet posing significant problems. Manufacturing continues to benefit from the recovery in autos, but those industries reliant upon housing continue to struggle."
Performance by industry
Of the 18 manufacturing industries, 10 are reporting growth in November, in the following order: Computer and Electronic Products; Petroleum and Coal Products; Apparel, Leather and Allied Products; Machinery; Fabricated Metal Products; Plastics and Rubber Products; Transportation Equipment; Electrical Equipment, Appliances and Components; Chemical Products; and Primary Metals. The six industries reporting contraction in November — listed in order — are: Printing and Related Support Activities; Furniture and Related Products; Food, Beverage and Tobacco Products; Nonmetallic Mineral Products; Paper Products; and Miscellaneous Manufacturing.
|MANUFACTURING AT A GLANCE
|Customers' Inventories||45.5||44.0||+1.5||Too Low||Slower||20|
|Backlog of Orders||46.0||46.0||0.0||Contracting||Unchanged||3|
*Number of months moving in current direction.
Commodities reported up/down in price and in short supply
Commodities Up in Price
Aluminum (3); Caustic Soda (4); Chemicals (2); Copper (4); Copper Based Products; Corn (3); Corrugated Containers (9); Nickel; Plastic Resins; Polyethylene (3); Resins; Soybean Oil; Stainless Steel; Steel (3); Titanium; and Titanium Dioxide.
Commodities Down in Price
Natural Gas; and Steel.
Commodities in Short Supply
Cocoa Powder (3); Electrical/Electronic Components (3); IGBT — Integrated Gate Bipolar Transistors; and Polyethylene — Low Density.