ISM Report Shows U.S. Manufacturing Sector Expanded in December
New data from the Institute for Supply Management (ISM) indicates that economic activity in the U.S. manufacturing sector expanded in December for the fifth consecutive month, while the overall economy grew for the eighth consecutive month.
The “Manufacturing ISM Report On Business,” issued Monday, shows that the manufacturing sector PMI rose to 55.9 percent, its highest reading since April 2006 when it registered 56 percent. In addition, both the New Orders and Production Indexes are above 60 percent (65.5 percent and 61.8 percent, respectively).
In December, nine of the 18 manufacturing industries reported growth. These nine industries — listed in order — are:
- Apparel, Leather & Allied Products
- Petroleum & Coal Products
- Computer & Electronic Products
- Machinery
- Electrical Equipment, Appliances & Components
- Transportation Equipment
- Paper Products
- Furniture & Related Products
- Food, Beverage & Tobacco Products
On the other hand, ISM also found that some industries are finding it more difficult to recover from the downturn. Seven industries reported contraction in December, and these industries — listed in order — are:
- Wood Products
- Nonmetallic Mineral Products
- Miscellaneous Manufacturing
- Plastics & Rubber Products
- Chemical Products
- Printing & Related Support Activities
- Fabricated Metal Products
More details from the report are available here.
