Manufacturing PMI® at 49%; November 2022 Manufacturing ISM® Report On Business®

Manufacturing PMI® at 49%; November 2022 Manufacturing ISM® Report On Business®

New Orders Contracting; Production Growing; Backlogs Contracting; Supplier Deliveries Faster; Raw Materials Inventories Growing; Customers' Inventories Too Low; Prices Decreasing; Exports and Imports Contracting

Except for last month, the Supplier Deliveries Index hasn't been at this level since February 2012 (47 percent).

"Of the six biggest manufacturing industries, two — Petroleum & Coal Products; and Transportation Equipment — registered weak-to-moderate growth in November.

Six manufacturing industries reported growth in November, in the following order: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Primary Metals; Miscellaneous Manufacturing; Petroleum & Coal Products; and Transportation Equipment. The 12 industries reporting contraction in November, in the following order, are: Printing & Related Support Activities; Wood Products; Paper Products; Textile Mills; Fabricated Metal Products; Furniture & Related Products; Chemical Products; Plastics & Rubber Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Machinery; and Electrical Equipment, Appliances & Components.

Note: The number of consecutive months the commodity is listed is indicated after each item.

Of the 18 manufacturing industries, only one reported growth in new orders in November: Apparel, Leather & Allied Products. Fourteen industries reported a decline in new orders in November, in the following order: Wood Products; Printing & Related Support Activities; Paper Products; Primary Metals; Nonmetallic Mineral Products; Electrical Equipment, Appliances & Components; Fabricated Metal Products; Machinery; Plastics & Rubber Products; Chemical Products; Transportation Equipment; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; and Computer & Electronic Products.

The seven industries reporting growth in production during the month of November — listed in order — are: Apparel, Leather & Allied Products; Primary Metals; Nonmetallic Mineral Products; Computer & Electronic Products; Plastics & Rubber Products; Transportation Equipment; and Electrical Equipment, Appliances & Components. The seven industries reporting a decrease in production in November — in the following order — are: Printing & Related Support Activities; Textile Mills; Furniture & Related Products; Machinery; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; and Fabricated Metal Products.

Of 18 manufacturing industries, seven reported employment growth in November, in the following order: Apparel, Leather & Allied Products; Primary Metals; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Plastics & Rubber Products; Food, Beverage & Tobacco Products; and Machinery. The five industries reporting a decrease in employment in November are: Textile Mills; Paper Products; Computer & Electronic Products; Chemical Products; and Fabricated Metal Products. Six industries reported no change in employment in November compared to October.

Six of 18 manufacturing industries reported slower supplier deliveries in November, in the following order: Apparel, Leather & Allied Products; Textile Mills; Petroleum & Coal Products; Nonmetallic Mineral Products; Primary Metals; and Miscellaneous Manufacturing. The 11 industries reporting faster supplier deliveries in November as compared to October — in the following order — are: Wood Products; Electrical Equipment, Appliances & Components; Paper Products; Plastics & Rubber Products; Furniture & Related Products; Fabricated Metal Products; Chemical Products; Computer & Electronic Products; Machinery; Food, Beverage & Tobacco Products; and Transportation Equipment.

Of 18 manufacturing industries, the eight reporting higher inventories in November — in the following order — are: Nonmetallic Mineral Products; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Primary Metals; Machinery; Computer & Electronic Products; Transportation Equipment; and Chemical Products. The eight industries reporting contracting inventories in November — in the following order — are: Printing & Related Support Activities; Wood Products; Textile Mills; Apparel, Leather & Allied Products; Paper Products; Fabricated Metal Products; Petroleum & Coal Products; and Plastics & Rubber Products.

Six industries reported customers' inventories as too high in November, in the following order: Textile Mills; Paper Products; Wood Products; Primary Metals; Chemical Products; and Electrical Equipment, Appliances & Components. The eight industries reporting customers' inventories as too low in November — listed in order — are: Nonmetallic Mineral Products; Machinery; Petroleum & Coal Products; Miscellaneous Manufacturing; Transportation Equipment; Food, Beverage & Tobacco Products; Computer & Electronic Products; and Fabricated Metal Products.

In November, only one industry reported paying increased prices for raw materials: Miscellaneous Manufacturing. The 10 industries reporting paying decreased prices for raw materials in November — in the following order — are: Textile Mills; Wood Products; Furniture & Related Products; Fabricated Metal Products; Plastics & Rubber Products; Transportation Equipment; Chemical Products; Electrical Equipment, Appliances & Components; Machinery; and Computer & Electronic Products. Seven industries reported no change in prices in November compared to October.

Two industries reported growth in order backlogs in November: Apparel, Leather & Allied Products; and Machinery. Twelve industries reported lower backlogs in November, in the following order: Wood Products; Textile Mills; Printing & Related Support Activities; Paper Products; Primary Metals; Furniture & Related Products; Chemical Products; Plastics & Rubber Products; Computer & Electronic Products; Electrical Equipment, Appliances & Components; Transportation Equipment; and Fabricated Metal Products.

Three industries reported growth in new export orders in November: Nonmetallic Mineral Products; Plastics & Rubber Products; and Food, Beverage & Tobacco Products. The four industries reporting a decrease in new export orders in November are: Fabricated Metal Products; Chemical Products; Machinery; and Computer & Electronic Products. Ten industries reported no change in new export orders in November compared to October.

The four industries reporting growth in imports in November are: Apparel, Leather & Allied Products; Computer & Electronic Products; Miscellaneous Manufacturing; and Transportation Equipment. Nine industries reported lower volumes of imports in November, in the following order: Wood Products; Paper Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Chemical Products; Fabricated Metal Products; Electrical Equipment, Appliances & Components; Machinery; and Food, Beverage & Tobacco Products.

The Supplier Deliveries, Customers' Inventories, Prices, Backlog of Orders, New Export Orders, and Imports indexes do not meet the accepted criteria for seasonal adjustments.

The data presented herein is obtained from a survey of manufacturing supply executives based on information they have collected within their respective organizations. ISM® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction (higher, better and slower for Supplier Deliveries) and the negative economic direction (lower, worse and faster for Supplier Deliveries), and the diffusion index. Responses are raw data and are never changed. The diffusion index includes the percent of positive responses plus one-half of those responding the same (considered positive).

Responses to Buying Policy reflect the percent reporting the current month's lead time, the approximate weighted number of days ahead for which commitments are made for Capital Expenditures; Production Materials; and Maintenance, Repair and Operating (MRO) Supplies, expressed as hand-to-mouth (five days), 30 days, 60 days, 90 days, six months (180 days), a year or more (360 days), and the weighted average number of days. These responses are raw data, never revised, and not seasonally adjusted.

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