– New orders for manufactured goods were up slightly in November, and production grew 2.3 points to 51.9%. The new orders index stood at 52.6%, above the 50% threshold, signaling expansion, the ISM
trade group reported Tuesday.
The November PMI, a measure of the nation’s productivity, was down 10
basis points sequentially. Inventories were down 30 basis points at
46.9%; customer inventories dropped five points to 49%. Backlogs
decreased 4.5 points to 41.5%.
Economic activity in the
manufacturing sector expanded in November for the 10th consecutive
month, while the overall economy grew for the 73rd consecutive month,
“The rate of growth in the sector was down
slightly compared to October,” said ISM spokesman Norbert J. Ore.
“While other segments of the economy are struggling, manufacturing
continues to grow due to continuing strength in new orders, and a
recovery in production from last month. Prices, driven higher by energy
prices, are once again the major concern."