Tempe, AZ, December 1, 2006--Economic activity in the manufacturing sector failed to grow in November for the first time following 41 consecutive months of growth, while the overall economy grew for the 61st consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "In November, manufacturing activity declined to its lowest level in 42 months as the PMI fell to 49.5 percent. The last time the PMI registered below 50 percent was April 2003 (46.5 percent). New Orders and Production both ended growth cycles at 42 months during November. On the positive side, growth in New Export Orders continued as the weaker dollar continues to fuel that segment."
The eight industries reporting growth in November — listed in order — are: Apparel, Leather & Allied Products; Plastics & Rubber Products; Primary Metals; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Computer & Electronic Products; Printing & Related Support Activities; and Chemical Products.
What respondents are saying...
"Sales have leveled off, but we will have a record year. Second [year] in a row." (Computer & Electronic Products)
"Business has softened in the past 60 days. Down about 20 percent." (Fabricated Metal Products)
"Housing market slowed down." (Furniture & Related Products)
"We have hit another slow period in receiving new contracts. Quoting activity is fair." (Machinery)
"We are still trying to hire new maintenance techs, but find it difficult to find qualified people." (Nonmetallic Mineral Products)
