United States: Manufacturing increases in November marking 6th consecutive gain
December 2, 2013
In November, the ISM manufacturing index rose to 57.3%, marking an improvement over the 56.4% recorded in October. The increase defied market expectations of a fall to 55.1%. The index continues to build on the gains registered in the past six months and is currently at the highest point in more than two and a half years, reinforcing the view that the U.S. economy is recovering.
All five ISM indicators stayed above the 50.0% threshold that indicates expansion. Employment registered the largest gain, increasing from 53.2% in October to 56.5% in November. New orders and production also increased. In contrast, inventories and supplier deliveries fell compared to the previous month.
FocusEconomics Consensus Forecast panelists project that industrial output will increase 2.4% this year, which is unchanged from last month's forecast. For 2014, panelists see industrial production accelerating to a 3.5% expansion, which is also unchanged from last month's projection.
Author: Carl Kelly, Economist