ISM's Purchasing Managers’ Index Rose to 48.4% in November

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ISM's Purchasing Managers’ Index Rose to 48.4% in November

Tempe, AZ, December 2, 2024- The Manufacturing Purchasing Managers’ Index (PMI) registered 48.4% in November, 1.9 percentage points higher compared to the 46.5% recorded in October, according to the latest Manufacturing ISM Report On Business. 

The overall economy continued in expansion for the 55th month after one month of contraction in April 2020. (A Manufacturing PMI above 42.5%, over a period of time, generally indicates an expansion of the overall economy.) 

The New Orders Index returned to expansion, albeit weakly, after seven months of contraction, registering 50.4%, 3.3 percentage points higher than the 47.1% recorded in October. 

The November reading of the Production Index (46.8%) is 0.6 percentage point higher than October’s figure of 46.2%. 

The Prices Index continued in expansion (or ‘increasing’) territory, registering 50.3%, down 4.5 percentage points compared to the reading of 54.8% in October. 

The Backlog of Orders Index registered 41.8%, down 0.5 percentage point compared to the 42.3% recorded in October. 

The Employment Index registered 48.1%, up 3.7 percentage points from October’s figure of 44.4%.

The Supplier Deliveries Index indicated faster deliveries, registering 48.7%, 3.3 percentage points lower than the 52% recorded in October. 

The Inventories Index registered 48.1%, up 5.5 percentage points compared to October’s reading of 42.6%.

The New Export Orders Index reading of 48.7% is 3.2 percentage points higher than the 45.5% registered in October. 

The Imports Index remained in contraction territory in November, registering 47.6%, 0.7 percentage point lower than October’s reading of 48.3%.

The three manufacturing industries reporting growth in November are food, beverage & tobacco products; computer & electronic products; and electrical equipment, appliances & components. The 11 industries reporting contraction in November-in the following order-are printing & related support activities; plastics & rubber products; chemical products; paper products; transportation equipment; fabricated metal products; furniture & related products; machinery; nonmetallic mineral products; miscellaneous manufacturing; and primary metals.