November manufacturing output increases but with more room to run, reports ISM

November brought another month of manufacturing contraction, while at a slightly reduced rate than October, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).

The report’s benchmark reading, the PMI, at 48.4 (a reading of 50 or higher indicates growth), increased 1.9% over November’s 46.5, its lowest number in 2024, with the PMI contracting for the eighth consecutive month and the 24th time in the last 25 months, since contracting in April 2020. It added that the overall economy has expanded, at a faster rate, for the last 55 months.  

The November PMI is 0.3% ahead of the 12-month average of 48.4, with October’s 46.5 and March’s 50.3 readings marking the lowest and highest readings, respectively, over that period.

ISM reported that that three manufacturing sectors grew in November, including: Food, Beverage & Tobacco Products; Computer & Electronic Products; and Electrical Equipment, Appliances & Components.

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