Updated: 02-Dec-24 10:39 ET

November ISM Manufacturing Index

Updated: 02-Dec-24 10:39 ET

Highlights

• The November ISM Manufacturing Index checked in at 48.4% (Briefing.com consensus 47.6%) versus 46.5% in October.
• The dividing line between expansion and contraction is 50.0%, so the November reading suggests manufacturing sector activity contracted versus the prior month but at a slower pace.
• This was the eighth straight month (and 24th out of 25) that economic activity in the manufacturing sector contracted.

Key Factors

• The New Orders Index increased to 50.4% from 47.1%.
• The Production Index bumped up to 46.8% from 46.2%.
• The Prices Index slipped to 50.3% from 54.8%.
• The Employment Index increased to 48.1% from 44.4%.
• The Backlog of Orders Index dropped to 41.8% from 42.3%.
• The Supplier Deliveries Index fell to 48.7% from 52.0%.
• The New Export Orders Index jumped to 48.7% from 45.5%.

Big Picture

• The key takeaway from the report is that manufacturing sector activity overall continues to be weak, but showed a green shoot with the new orders index returning to expansion territory after seven straight months of contraction.

Category	NOV	OCT	SEP	AUG	JUL
Total Index	48.4	46.5	47.2	47.2	46.8
Orders	50.4	47.1	46.1	44.6	47.4
Production	46.8	46.2	49.8	44.8	45.9
Employment	48.1	44.4	43.9	46.0	43.4
Deliveries	48.7	52.0	52.2	50.5	52.6
Inventories	48.1	42.6	43.9	50.3	44.5
Export Orders	48.7	45.5	45.3	48.6	49.0
Prices paid (not seas adj)	50.3	54.8	48.3	54.0	52.9