According to the Institute for Supply Management’s most recent Manufacturing Report on Business, the manufacturing sector expanded for the sixth consecutive month as the overall economy experienced its 54th consecutive month of growth in November 2013.
The fast growth in new orders was cited as a factor in this expansion, increasing by 3% from 60.6% to 63.6%. The November PMI registered at 57.3%, a continued increase from the prior month, and the highest PMI in 2013.
Fifteen of the 18 manufacturing industries reported growth in November, led by Plastics & Rubber Products, Textile Mills, Furniture & Related Products, Primary Metals, and Food. Three of the 18 manufacturing industries reported contraction including Apparel, Leather & Allied Products, Wood Products, and Machinery.
Respondents remain optimistic, saying “Outlook for the remainder of the year and into 2014 is trending positive.”