I scanned all the retail sales flyers stuffed in my Thanksgiving Day newspaper and couldn’t help but notice the prominence of televisions on the covers of many. Turns out the makers of those TVs had some of the busiest factories in November, according to the monthly Institute for Supply Management report on manufacturing.
ISM says production of computers and other electronics led the way for manufacturing, which continued its rebound in November. Housing-related industries still have it rough, but the executives in its survey believe the overall economy increased for the 19th consecutive month.
“The manufacturing sector grew during November, with both new orders and production continuing to expand,” says Norbert Ore, chair of the ISM Manufacturing Business Survey Committee. With the Purchasing Managers Index at 56.6 percent, he says, “November’s rate of growth is the second fastest in the last six months. Exports and imports continue to support expansion in the sector.” Levels above 50 indicate growth.
After electronics, the other industries reporting growth in November were, in order: Petroleum & Coal Products; Apparel, Leather & Allied Products; Machinery; Fabricated Metal Products; Plastics & Rubber Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Chemical Products; and Primary Metals.
The six industries reporting contraction in November were: Printing & Related Support Activities; Furniture & Related Products; Food, Beverage & Tobacco Products; Nonmetallic Mineral Products; Paper Products; and Miscellaneous Manufacturing.
“Manufacturing continues to benefit from the recovery in autos, but those industries reliant upon housing continue to struggle,” Ore says.