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News : US Economy Last Updated: Dec 2, 2013 - 4:07 PM


US manufacturing grew strongly in November
By Finfacts Team
Dec 2, 2013 - 4:04 PM

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Economic activity in the US manufacturing sector expanded in November for the sixth consecutive month, and the overall economy grew for the 54th consecutive month, say the nation's supply executives in the latest Manufacturing Institute for Supply Management (ISM)  Report On Business. Separately the final Markit U.S. Manufacturing Purchasing Managers’ Index (PMI) registered 54.7 in November, signalling the strongest improvement in manufacturing business conditions since January. The headline index was up sharply from 51.8 in October (a one-year low) and above the earlier flash estimate of 54.3.

Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee: "The PMI registered 57.3 % , an increase of 0.9 percentage point from October's reading of 56.4% . The PMI has increased progressively each month since June, with November's reading reflecting the highest PMI in 2013. The New Orders Index increased in November by 3 percentage points to 63.6% , and the Production Index increased by 2 percentage points to 62.8%.

The Employment Index registered 56.5% , an increase of 3.3 percentage points compared to October's reading of 53.2% . This reflects the highest reading since April 2012 when the Employment Index registered 56.8% . With 15 of 18 manufacturing industries reporting growth in November relative to October, the positive growth trend characterizing the second half of 2013 is continuing."

Of the 18 manufacturing industries, 15 are reporting growth in November in the following order: Plastics & Rubber Products; Textile Mills; Furniture & Related Products; Primary Metals; Food, Beverage & Tobacco Products; Paper Products; Printing & Related Support Activities; Petroleum & Coal Products; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Transportation Equipment; Chemical Products; Computer & Electronic Products; Nonmetallic Mineral Products; and Fabricated Metal Products. The three industries reporting contraction in November are: Apparel, Leather & Allied Products; Wood Products; and Machinery.

The three-month average of the Markit PMI – an indication of underlying trends – was 53.1 and broadly in line with the respective average for 2013 to date. Index readings above 50.0 signal an increase or improvement on the prior month, while readings below 50.0 indicate a decrease.

Manufacturing production in the US increased at the sharpest pace for 20 months in November. The marked rate of output growth was much faster than the slight expansion seen in October, which was partly a result of disruption caused by the government shutdown.

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