According to the most recent Institute for Supply Management (ISM) Manufacturing Report on Business, December was the seventh consecutive month where the manufacturing sector expanded. Further, the overall economy grew for the 55th consecutive month, according to the nation’s top supply executives.
Indicators of Manufacturing Growth
These December ratings capped off a solid second half of 2013, which saw continuous growth in the manufacturing sector.
- The December Purchasing Managers Index (PMI) came in at the second highest reading for the year at 57 percent, slightly off of the November reading at 57.3 percent.
- The New Orders Index registered at 64.2 percent, its highest reading since April 2010 when it came in at 65.1 percent.
- The Employment Index reached its highest level since June 2011, coming in at 56.9 percent, an increase of 0.4 percentage points compared to November’s mark of 56.5 percent.
Of the 18 manufacturing industries, 13 reported growth in the final month of 2013. The PMI, New Orders Index and Employment Index continued to surge forward. This overall progression in the manufacturing sector brings optimism to the industry for the new year.