November Purchasing Managers' Index Slid to 57.5%
Tempe, AZ, December 1, 2020-The November Manufacturing Purchasing Managers' Index (PMI) registered 57.5%, down 1.8 percentage points from the October reading of 59.3%, according to the Manufacturing ISM Report On Business.
This figure indicates expansion in the overall economy for the seventh month in a row after a contraction in April, which ended a period of 131 consecutive months of growth. The New Orders Index registered 65.1%, down 2.8 percentage points from the October reading of 67.9%. The Production Index registered 60.8%, a decrease of 2.2 percentage points compared to the October reading of 63%. The Backlog of Orders Index registered 56.9%, 1.2 percentage points higher compared to the October reading of 55.7%. The Employment Index returned to contraction territory at 48.4 %, 4.8 percentage points down from the October reading of 53.2%. The Supplier Deliveries Index registered 61.7%, up 1.2 percentage points from the October figure of 60.5%. The Inventories Index registered 51.2%, 0.7 percentage point lower than the October reading of 51.9%. The Prices Index registered 65.4 %, down 0.1 percentage point compared to the October reading of 65.5 %. The New Export Orders Index registered 57.8%, an increase of 2.1 percentage points compared to the October reading of 55.7%. The Imports Index registered 55.1%, a 3-percentage point decrease from the October reading of 58.1 %.
Of the 18 manufacturing industries, 16 reported growth in November, in the following order: apparel, leather & allied products; nonmetallic mineral products; textile mills; wood products; electrical equipment, appliances & components; fabricated metal products; plastics & rubber products; primary metals; chemical products; machinery; computer & electronic products; paper products; miscellaneous manufacturing; transportation equipment; furniture & related products; and food, beverage & tobacco products. The two industries reporting contraction in November are printing & related support activities; and petroleum & coal products.