Good news: The manufacturing sector, according to a recent analysis, saw an uptick in economic activity for the sixth consecutive month.
The overall economy also grew for the 54th consecutive month, as outlined in the most recent edition of the Manufacturing ISM Report On Business.
Taking the data a step further, manufacturing expanded in November as the PMI registered 57.3 percent, an increase of 0.9 percentage point from October’s reading of 56.4 percent, says Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
The PMI has increased progressively each month since June, with November’s reading reflecting the highest PMI in 2013, he adds.
“The New Orders Index increased in November by three percentage points to 63.6 percent, and the Production Index increased two percentage points to 62.8 percent,” Holcomb says. “The Employment Index registered 56.5 percent, an increase 3.3 percentage points compared to October’s reading of 53.2 percent. This reflects the highest reading since April 2012 when the Employment Index registered 56.8 percent.”
The report also stated that of the 18 manufacturing industries, 15 reported growth in November. Holcomb says this figure shows that “the positive growth trend characterizing the second half of 2013 is continuing.”
Meanwhile, ISM’s New Order Index produced a 63.6 percent figure for November, an increase of three percentage points from October’s 60.6 percent. It is the sixth consecutive month of growth for new orders.
Even better, perhaps, is that ISM’s Employment Index registered 56.5 percent in November, 3.3 percentage points higher than October’s 53.2 percent. The figure, according to officials, indicates expansion in employment for the fifth consecutive month.
Finally, the report’s Production Index produced a 62.8 percent figure, an increase of two percentage points from October’s 60.8 percent figure. The reading indicates growth for the sixth consecutive month.
Founded in 1915, the Institute for Supply Management’s (ISM) mission is to enhance the value and performance of procurement and supply chain management practitioners and their organizations worldwide. By executing and extending its mission through education, research, standards of excellence and information dissemination. ISM maintains a strong global influence among individuals and organizations. ISM is a not-for-profit educational association that serves professionals with an interest in supply management who live and work in more than 80 countries.