ISM: Manufacturing industry continues growing
Manufacturing activity in the United States expanded for the 18th straight month in November while the overall economy grew for the 66th month in a row, according to the Institute for Supply Management’s (ISM) monthly survey of supply chain executives.
The ISM’s Purchasing Managers Index, or PMI, registered a 58.7 in November. That’s down 0.3 from a reading of 59 in October, but well above the 12-month average of 55.9. The October reading marked the high point over the last year.
Analysts polled by Yahoo Finance had been expecting a reading of 58 for November.
The ISM’s index for new orders rose slightly last month over October from 65.8 to 66 and is up for the 18th consecutive month. Thirty-eight percent of purchasing managers said there were more new orders; in October, that number was 34 percent.
Of 10 key indices the ISM measures, nine indicated growth while the 10th, customers’ inventories, were in line with expectations. An 11th measure, prices for raw materials, showed a 9 percent month-over-month drop, another boost for purchasing managers.
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