Good News! Manufacturing continued to expand in November, reaching its highest level of the year, according to the Institute for Supply Management’s monthly manufacturing index released today.
The PMI grew to 57.3% in November from 56.4% in October, ISM reported. Showing strong growth were both the new orders index, up 3 points to 63.6%, and the production index, up 2 percentage points to 62.8%. The employment index also rose, up to 56.5%, an increase of 3.3 percentage points and the highest reading since April 2012. A reading of greater than 50 indicates growth.
NAM Economist Chad Moutray commented on the Shop Floor Blog “the overriding theme in this report is the strong increases in manufacturing orders and production over the past few months. It will be important for policymakers to keep the momentum going by moving on from fiscal tensions and considering pro-growth measures that will allow the sector to flourish moving forward.”