Page 20 - Market Outlook Q4 2024

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20

U.S. Economic Snapshot

U.S. MANUFACTURING PMI
US Manufacturing PMI
70.00 U.S. ISM Manufacturing PMI is at a current level of
48.40, up from 46.50 last month and up from 46.70
60.00 one year ago. This is a change of 4.09% from last
month and 3.64% from one year ago.
50.00
40.00

30.00
20.00

10.00

0.00
Jan Feb March April May June July Aug Sept Oct Nov Dec
2024 2023 2022 Vs. Baseline

MANUFACTURING AT A GLANCE

• The Manufacturing PMI® registered 48.4% in November, 1.9 percentage points higher compared to the 46.5% recorded in October. The overall
economy continued in expansion for the 55th month after one month of contraction in April 2020. (A Manufacturing PMI® above 42.5%, over a
period of time, generally indicates an expansion of the overall economy.)
• The New Orders Index returned to expansion, albeit weakly, after seven months of contraction, registering 50.4%, 3.3 percentage points higher
than the 47.1% recorded in October.

• The November reading of the Production Index (46.8%) is 0.6 percentage point higher than October’s figure of 46.2%.

• The Prices Index continued in expansion (or ‘increasing’) territory, registering 50.3%, down 4.5 percentage points compared to the reading of
54.8% in October.
•
• The Backlog of Orders Index registered 41.8%, down 0.5 percentage point compared to the 42.3% recorded in October.
• The Employment Index registered 48.1%, up 3.7 percentage points from October’s figure of 44.4%.

• The Supplier Deliveries Index indicated faster deliveries, registering 48.7%, 3.3 percentage points lower than the 52% recorded in October.
(Supplier Deliveries is the only ISM® Report On Business® index that is inversed; a reading of above 50% indicates slower deliveries, which is typical
as the economy improves and customer demand increases.)

• The Inventories Index registered 48.1%, up 5.5 percentage points compared to October’s reading of 42.6%.

• “The New Export Orders Index reading of 48.7% is 3.2 percentage points higher than the 45.5% registered in October.
• The Imports Index remained in contraction territory in November, registering 47.6%, 0.7 percentage point lower than October’s reading of 48.3%.

• The three manufacturing industries reporting growth in November are: Food, Beverage & Tobacco Products; Computer & Electronic Products; and
Electrical Equipment, Appliances & Components. The 11 industries reporting contraction in November — in the following order — are: Printing &
Related Support Activities; Plastics & Rubber Products; Chemical Products; Paper Products; Transportation Equipment; Fabricated Metal Products;
Furniture & Related Products; Machinery; Nonmetallic Mineral Products; Miscellaneous Manufacturing; and Primary Metals.