The manufacturing sector expanded once again in December, with the Institute for Supply Management’s PMI hitting 59.7%, an increase of 1.5% over November and nearly 2% higher than the average of the last 12 months.
Timothy R. Fiore, chair of the ISM, said in a press release: “This indicates growth in manufacturing for the 16th consecutive month, led by strong expansion in new orders and production with hiring growing at a slower rate and supplier deliveries continuing to struggle.”
Here’s what the food, beverage, and tobacco products industry reported for December:
- Growth in new orders
- Growth in production
- Growth in employment
- Slower supplier deliveries
- Lower inventories
- Customer inventories too low
- Increased prices for raw materials
- Decrease in order backlogs
- Growth in new export orders
- Growth in imports
The December results show positive movement compared to the previous month, specifically for order backlogs (in November, there was an increase) and imports (in November, there was a decrease). December was also the 103rd consecutive month of growth in the overall economy.