Economy
November ISM PMI Reading Highest of the Year
Written by Sandy Williams
December 2, 2013
The November ISM Report for November 2013 indicated expansion in the manufacturing sector for the sixth consecutive month and the highest PMI (purchasing mangers index) reading for the year. The PMI registered 57.3 percent, up from 56.4 percent in October. Indices for new orders, production, employment and exports picked up their pace of growth in November. Imports growth slowed slightly last month along with growth in prices and inventories.
A PMI in excess of 42.2 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the November PMI indicates growth for the 54th consecutive month in the overall economy.
Commodities that increased in price for November were steel coil, cold rolled steel, hot rolled steel, and wood. Respondent comments related to the steel industry included the following:
- “Seasonal demand has not decreased at the typical pace.” (Primary Metals)
- “Incoming order rate remaining strong.” (Fabricated Metal Products)
- “Overall business climate is good. Business is steady.” (Transportation Equipment)
Sandy Williams
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