Economic activity in manufacturing contracts in November

Economic activity in the manufacturing sector contracted in November following two months of modest expansion, while the overall economy grew for the 42nd consecutive month, according to U.S. supply executives in the latest Manufacturing ISM Report on Business. The report is published monthly by the Institute for Supply Management, a global association that serves the supply management profession.

“The [Purchasing Managers’ Index] registered 49.5%, a decrease of 2.2 percentage points from October’s reading of 51.7%, indicating contraction in manufacturing for the fourth time in the last six months,” Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee, said in the report. “Comments from the panel this month generally indicate that the second half of the year continues to show a slowdown in demand; respondents also express concern over how and when the fiscal cliff issue will be resolved.”

There is good news though as electrical equipment was one of the six manufacturing industries that reported growth in November. The full text version of the report is available at www.ism.ws.

-Bill O’Leary

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