Despite contraction in U.S. appliance manufacturing in November 2011, economic activity in the overall U.S. manufacturing sector expanded for the 28th consecutive month and the overall economy grew for the 30th consecutive month, according to U.S. supply executives surveyed for the latest Manufacturing ISM Report On Business.
Of the 18 manufacturing industries surveyed by ISM, eight reported growth in November and nine - including the Electrical Equipment, Appliances & Components industry segment – reported contraction.
The overall November 2011 PMI was 52.7%, up 1.9% from October's 50.8%, indicating manufacturing expansion for the 28th month, according to Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The New Orders Index increased 4.3 percentage points from October to 56.7%, reflecting the second month of growth after three months of contraction," Holcomb said. "While the Prices Index, at 45%, increased 4 percentage points from the October reading of 41%, prices of raw materials continued to decrease (registering below 50%) for the second consecutive month. Respondents cite continuing concerns about the general economic environment, government regulations and European financial conditions, but are cautiously more optimistic about the next few months based on lower raw materials pricing and favorable levels of new orders."
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