Manufacturing PMI Shows Economic Growth For 55th Straight Month The U.S. manufacturing sector contracted for the eighth consecutive month in November, as the Manufacturing PMI registered 48.4 percent, 1.9 percentage points high- er compared to the 46.5 percent reported in October, ac- cording to the latest Manufacturing Institute For Supply Management’s Report On Business. “After breaking a 16-month streak of contraction by ex- panding in March, the manufacturing sector has contract- ed for the last eight months. Of the five subindexes that directly factor into the Manufacturing PMI, only one was in expansion territory, the same number of indexes as in October,” says Fiore. A reading above 50 percent indicates that the manu- facturing sector is generally expanding; below 50 percent indicates that it is generally contracting. A Manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy. The No- vember Manufacturing PMI indicates the overall economy grew for the 55th straight month after last contracting in April 2020. “The past relationship between the Manufac- turing PMI and the overall economy indicates that the No- vember reading (48.4 percent) corresponds to a change of plus-1.7 percent in real gross domestic product (GDP) on an annualized basis,” says Fiore.
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