Economy Expands (CONT’D FROM PAGE 26)
Board Converting NEWS INTERNET DIRECTORY
figure of 46.8 percent. The index returned to expansion after six months in contraction. The Prices Index continued in expansion (or ‘increasing’) territory, registering 52.5 per- cent, up 2.2 percentage points compared to the reading of 50.3 percent in November. “The Backlog of Orders Index registered 45.9 percent, up 4.1 percentage points compared to the 41.8 percent re- corded in November. The Employment Index registered 45.3 percent, down 2.8 percentage points from Novem- ber’s figure of 48.1 percent. “The Supplier Deliveries Index indicated marginally slower deliveries, registering 50.1 percent, 1.4 percentage points higher than the 48.7 percent recorded in November. (Supplier Deliveries is the only ISM Report On Business index that is inversed; a reading of above 50 percent in- dicates slower deliveries, which is typical as the economy improves and customer demand increases.) The Inven- tories Index registered 48.4 percent, up 0.3 percentage point compared to November’s reading of 48.1 percent. “The New Export Orders Index’s ‘unchanged’ reading of 50 percent is 1.3 percentage points higher than the 48.7 percent registered in November. The Imports Index remained in contraction territory in December, registering 49.7 percent, 2.1 percentage points higher than Novem- ber’s reading of 47.6 percent.” Fiore continues, “U.S. manufacturing activity contract- ed again in December, but at a slower rate compared to November. Demand showed signs of improving, while out- put stabilized and inputs stayed accommodative. Demand analysis includes: the (1) New Orders Index remaining in ex- pansion territory, (2) New Export Orders Index increasing (up 1.3 percentage points and now ‘unchanged’), (3) Back- log of Orders Index slowing its rate of decline but continu- ing in contraction territory, and (4) Customers’ Inventories Index dropping into ‘too low’ territory. Output (measured by the Production and Employment indexes) was positive; factory output stabilized compared to November. “Employment contracted as final head-count adjust- ments were likely taken to prepare for 2025. Inputs — de- fined as supplier deliveries, inventories, prices and imports — generally continued to accommodate future demand growth, with inventories and imports improving marginally (though remaining in contraction), prices increasing and supplier deliveries marginally slowing. “Demand improved, production execution met Novem- ber’s performance (and companies’ plans), de-staffing continued (but should end soon), and price growth was marginal. Fifty-two percent of manufacturing gross domes- tic product (GDP) contracted in December, down from 66 percent in November. The share of manufacturing sector GDP registering a composite PMI calculation at or below 45 percent was 49 percent in December, a 1-percentage point increase compared to the 48 percent reported in No- vember. None of the six largest manufacturing industries expanded in December, down from two in November.”
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January 13, 2025
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