TEMPE, Ariz. — Economic activity in the manufacturing sector expanded in December for the seventh consecutive month, and the overall economy grew for the 55th consecutive month, according to the Institute for Supply Management’s (ISM’s) latest Manufacturing ISM Report On Business®.
The PMI™ (composite index for the manufacturing sector) registered 57 percent, the second highest reading for the year, just 0.3 percentage point below November’s reading of 57.3 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding.
The New Orders Index increased in December by 0.6 percentage point to 64.2 percent, which is its highest reading since April 2010 when it registered 65.1 percent. The Employment Index registered 56.9 percent, an increase of 0.4 percentage point compared to November’s reading of 56.5 percent. December’s employment reading is the highest since June 2011 when the Employment Index registered 59 percent.
ISM said that comments from its panel generally reflect a solid final month of the year, capping off the second half of 2013, which was characterized by continuous growth and momentum in manufacturing.
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Publication date: 1/13/2014