ISM says US manufacturing weakens
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Manufacturing News, Source : TheManufacturer.com
Published : 02 Dec 2002 22:09
Manufacturing continues its downward trend, according to The Institute for Supply Management’s (ISM) latest report which indicated that manufacturing declined for the third straight month in November, while the overall economy grew for the 13th consecutive month.
Its PMI increased 0.7% to 49.2%, its new orders index decreased to 49.9% in November from 50.9% in October, and its production index rose 5.3% to 54.6%.
“The manufacturing sector failed to grow in November,” said Norbert Ore, chair of ISM’s Management Manufacturing Business Survey Committee. “While the production index strengthened, the new orders index softened. The PMI has averaged 49.6% for the past five months. The sector continues to need drivers that will help end the stagnation.”
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