New Orders, Production and Employment Growing; Supplier Deliveries Slowing at a Slower Rate; Backlog Growing; Manufacturing Inventories Growing; Customers' Inventories Too Low; Prices Increasing; Exports and Imports Growing

TEMPE, Ariz., Dec. 1, 2021 /PRNewswire/ -- Economic activity in the manufacturing sector grew in November, with the overall economy achieving an 18th consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM^® Report On Business^®.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management^® (ISM^®) Manufacturing Business Survey Committee:

"The November Manufacturing PMI^® registered 61.1 percent, an increase of 0.3 percentage point from the October reading of 60.8 percent. This figure indicates expansion in the overall economy for the 18th month in a row after a contraction in April 2020. The New Orders Index registered 61.5 percent, up 1.7 percentage points compared to the October reading of 59.8 percent. The Production Index registered 61.5 percent, an increase of 2.2 percentage points compared to the October reading of 59.3 percent. The Prices Index registered 82.4 percent, down 3.3 percentage points compared to the October figure of 85.7 percent. The Backlog of Orders Index registered 61.9 percent, 1.7 percentage points lower than the October reading of 63.6 percent. The Employment Index registered 53.3 percent, 1.3 percentage points higher compared to the October reading of 52 percent. The Supplier Deliveries Index registered 72.2 percent, down 3.4 percentage points from the October figure of 75.6 percent. The Inventories Index registered 56.8 percent, 0.2 percentage point lower than the October reading of 57 percent. The New Export Orders Index registered 54 percent, a decrease of 0.6 percentage point compared to the October reading of 54.6 percent. The Imports Index registered 52.6 percent, a 3.5-percentage point increase from the October reading of 49.1 percent."

Fiore continues, "The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment, with some indications of slight labor and supplier delivery improvement. All segments of the manufacturing economy are impacted by record-long raw materials and capital equipment lead times, continued shortages of critical lowest-tier materials, high commodity prices and difficulties in transporting products. Coronavirus pandemic-related global issues — worker absenteeism, short-term shutdowns due to parts shortages, difficulties in filling open positions and overseas supply chain problems — continue to limit manufacturing growth potential. However, panel sentiment remains strongly optimistic, with 10 positive growth comments for every cautious comment. Panelists remain focused on the importance of improving supply chain issues to respond to ongoing high levels of demand. Demand expanded, with the (1) New Orders Index growing, supported by continued expansion of the New Export Orders Index, (2) Customers' Inventories Index remaining at a very low level and (3) Backlog of Orders Index staying at a very high level. Consumption (measured by the Production and Employment indexes) grew during the period, with a combined 3.5-percentage point increase to the Manufacturing PMI^® calculation. The Employment Index expanded for a third month, with some indications that the ability to hire is improving, partially offset by the challenges of turnover and backfilling. Inputs — expressed as supplier deliveries, inventories, and imports — continued to constrain production expansion, but there are early signs of supplier performance improving. The Supplier Deliveries Index slowed again but at a slower rate, while the Inventories Index expanded more slowly. In November, the Prices Index expanded for the 18th consecutive month, at a slower rate, indicating continued supplier pricing power and scarcity of supply chain goods.

"All of the six biggest manufacturing industries — Computer & Electronic Products; Food, Beverage & Tobacco Products; Chemical Products; Petroleum & Coal Products; Fabricated Metal Products; and Transportation Equipment, in that order — registered moderate to strong growth in November.

"Manufacturing performed well for the 18th straight month, with demand and consumption registering month-over-month growth, in spite of continuing obstacles. Meeting demand remains a challenge, due to hiring difficulties and a clear cycle of labor turnover at all tiers. Panelists' comments suggest month-over-month improvement on hiring, offset by backfilling required to address employee turnover. Indications that supplier delivery rates are improving were supported by the Supplier Deliveries Index softening. Transportation networks, a harbinger of future supplier delivery performance, are still performing erratically," says Fiore.

The 13 manufacturing industries reporting growth in November — in the following order — are: Apparel, Leather & Allied Products; Furniture & Related Products; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Machinery; Plastics & Rubber Products; Paper Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Chemical Products; Petroleum & Coal Products; Fabricated Metal Products; and Transportation Equipment. The two industries reporting a decrease in November compared to October are: Printing & Related Support Activities; and Primary Metals.

WHAT RESPONDENTS ARE SAYING

• "International component shortages continue to cause delays in completing customer orders. Backlog continues to increase." [Computer & Electronic Products]
• "Petrochemical supply chain is slowly showing signs of improvement after multiple weather disruptions in 2021." [Chemical Products]
• "Large volume drops due to chip shortage." [Transportation Equipment]
• "Oil is up, but our capital spending remains flat for now. No new orders at this time." [Petroleum & Coal Products]
• "All input costs are going up considerably, across the board." [Food, Beverage & Tobacco Products]
• "While steel plate and hot-rolled coil pricing seems to be approaching a plateau, the biggest challenge we have at the moment is finding qualified workers." [Fabricated Metal Products]
• "We are still seeing shortages with various metals. Plastic resins seem to be slowly improving. Electronic component lead times are still moving out." [Electrical Equipment, Appliances & Components]
• "Business is strong but meeting customer demand is difficult due to a shortage of raw materials and labor." [Furniture & Related Products]
• "In the first nine months of the year, business conditions were off the charts, and sales by far outpaced capacity. This has put backlog at record levels and, surprisingly, customers have been willing to wait, albeit reluctantly. However, there seems to be a flattening: Sales remain strong but are not growing at the same month-over-month pace from the previous six to nine months." [Machinery]
• "We are experiencing significant supply chain disruptions, which are resulting in historically long lead times to get product to our customers. Commodity-based inflationary pressures are widespread, and traditional means of addressing these pressures are not effective due to unprecedented demand." [Miscellaneous Manufacturing]
• "We are starting to catch a break in plastic resins, with (November) prices lower in both ethylene and propylene-based resins. Starting to notice improvement in availability/lead time as well." [Plastics & Rubber Products]

 

Manufacturing ISM^® Report On Business^® data is seasonally adjusted for the New Orders, Production, Employment and Inventories indexes.
*Number of months moving in current direction.

COMMODITIES REPORTED UP/DOWN IN PRICE AND IN SHORT SUPPLY

Commodities Up in Price
Adhesives (5); Aluminum* (18); Aluminum Products (8); Caustic Soda (6); Copper (3); Corrugate (14); Corrugated Packaging (13); Crude Oil (2); Diesel Fuel (11); Electrical Components (12); Electronic Components (12); Freight (13); Gasoline; Hydraulic Components; Labor — Temporary (7); Magnesium; Motors (2); Natural Gas (5); Nylon (2); Ocean Freight (12); Packaging Supplies (12); Paper (3); Plastic Containers (3); Plastic Resins* (15); Resin-Based Products (10); Rubber-Based Products (4); Semiconductors (10); Silicon; Silicone; Soy Products; Steel* (16); Steel — Cold Rolled (4); Steel — Hot Rolled* (15); Steel — Stainless (13); Steel Products (15); Surfactants; and Zinc.

Commodities Down in Price
Aluminum*; Plastic Resins*; Polypropylene; Steel*; and Steel — Hot Rolled*.

Commodities in Short Supply
Aluminum; Aluminum Products; Corrugated Packaging (5); Electrical Components (14); Electronic Components (12); Fasteners; Freight (3); Glass Bottles; Hydraulic Components; Labor — Temporary (7); Magnesium; Ocean Freight (8); Ocean Freight Containers (2); Paper; Plastic Containers (3); Plastic Products (10); Plastic Resins — Other (9); Printed Circuit Board Assemblies (PCBAs) (4); Semiconductors (12); Silicone; Steel (12); and Steel Products (10).

Note: The number of consecutive months the commodity has been listed is indicated after each item. *Indicates those commodities reported both up and down in price.

NOVEMBER 2021 MANUFACTURING INDEX SUMMARIES

Manufacturing PMI^®
Manufacturing grew in November, as the Manufacturing PMI^® registered 61.1 percent, 0.3 percentage point higher than the October reading of 60.8 percent. "The Manufacturing PMI^® continued to indicate strong sector expansion and U.S. economic growth in November. All five subindexes that directly factor into the Manufacturing PMI^® were in growth territory. All of the six biggest manufacturing industries expanded, in the following order: Computer & Electronic Products; Food, Beverage & Tobacco Products; Chemical Products; Petroleum & Coal Products; Fabricated Metal Products; and Transportation Equipment. The New Orders and Production indexes remained at strong levels. The Supplier Deliveries Index continued to reflect suppliers' difficulties in maintaining delivery rates, but at slightly softening levels. All 10 of the subindexes were positive for the period; a reading of 'too low' for the Customers' Inventories Index is considered a positive for future production," says Fiore. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.

A Manufacturing PMI^® above 43.1 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the November Manufacturing PMI^® indicates the overall economy grew in November for the 18th consecutive month following contraction in April 2020. "The past relationship between the Manufacturing PMI^® and the overall economy indicates that the Manufacturing PMI^® for November (61.1 percent) corresponds to a 5.1-percent increase in real gross domestic product (GDP) on an annualized basis," says Fiore.

THE LAST 12 MONTHS

New Orders
ISM^®'s New Orders Index registered 61.5 percent in November, an increase of 1.7 percentage points compared to the 59.8 percent reported in October. This indicates that new orders grew for the 18th consecutive month. "Three of the six largest manufacturing sectors — Computer & Electronic Products; Food, Beverage & Tobacco Products; and Chemical Products — expanded at moderate-to-strong levels, down from all six the previous month," says Fiore. A New Orders Index above 52.8 percent, over time, is generally consistent with an increase in the Census Bureau's series on manufacturing orders (in constant 2000 dollars).

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

Production
The Production Index registered 61.5 percent in November, 2.2 percentage points higher than the October reading of 59.3 percent, indicating growth for the 18th consecutive month. "Four of the top six industries — Petroleum & Coal Products; Computer & Electronic Products; Chemical Products; and Food, Beverage & Tobacco Products — expanded at moderate-to-strong levels. Raw material shortages remain a constraint to production growth, as suppliers continue to struggle. Factory floor staffing remains an obstacle, with direct-labor turnover continuing a negative trend," says Fiore. An index above 52.1 percent, over time, is generally consistent with an increase in the Federal Reserve Board's Industrial Production figures.

The 11 industries reporting growth in production during the month of November — listed in order — are: Petroleum & Coal Products; Textile Mills; Furniture & Related Products; Paper Products; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Machinery; Chemical Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; and Plastics & Rubber Products. The four industries reporting a decrease in November are: Printing & Related Support Activities; Nonmetallic Mineral Products; Primary Metals; and Fabricated Metal Products.

Employment
ISM^®'s Employment Index registered 53.3 percent in November, 1.3 percentage points above the October reading of 52 percent. "The Employment Index reported a third month of expansion. Of the six big manufacturing sectors, three (Computer & Electronic Products; Chemical Products; and Fabricated Metal Products) expanded. Survey panelists' companies are still struggling to meet labor-management plans, but for a third month, there were modest signs of progress: An increasing share of comments (7 percent, compared to 5 percent in October) noted improvements regarding employment. An overwhelming majority of panelists indicate their companies are hiring or attempting to hire — 86 percent of Employment Index comments were hiring focused. Fifty-one percent of those respondents expressed difficulty in filling positions, an increase from October. The increasing frequency of comments on turnover rates (backfills and retirements) in November continued a trend that began in August," says Fiore. An Employment Index above 50.6 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment.

Of 18 manufacturing industries, the 10 industries reporting employment growth in November — in the following order — are: Apparel, Leather & Allied Products; Paper Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Machinery; Plastics & Rubber Products; Computer & Electronic Products; Chemical Products; Fabricated Metal Products; and Miscellaneous Manufacturing. The five industries reporting a decrease in employment in November are: Textile Mills; Printing & Related Support Activities; Nonmetallic Mineral Products; Transportation Equipment; and Food, Beverage & Tobacco Products.

Supplier Deliveries^†
The delivery performance of suppliers to manufacturing organizations was slower in November, as the Supplier Deliveries Index registered 72.2 percent, 3.4 percentage points lower than the 75.6 percent reported in October. All six top manufacturing industries — Food, Beverage & Tobacco Products; Fabricated Metal Products; Computer & Electronic Products; Chemical Products; Transportation Equipment; and Petroleum & Coal Products, in that order — reported slowing deliveries. "Deliveries slowed at a slower rate compared to the previous month. The index continues to reflect suppliers' difficulties in meeting panelist companies' demand, including (1) ongoing supplier hiring and turnover challenges, (2) extended raw materials lead times for all tiers, (3) high levels of input material shortages, (4) elevated prices and (5) inconsistent transportation availability. Capital expenditures and production materials lead times are at or near their highest recorded levels. We may now be at peak; if so, the December data will confirm," says Fiore. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.

Sixteen of 18 industries reported slower supplier deliveries in November, in the following order: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Furniture & Related Products; Fabricated Metal Products; Computer & Electronic Products; Printing & Related Support Activities; Machinery; Electrical Equipment, Appliances & Components; Paper Products; Chemical Products; Transportation Equipment; Petroleum & Coal Products; Textile Mills; and Plastics & Rubber Products. No industries reported faster supplier deliveries in November.

Inventories
The Inventories Index registered 56.8 percent in November, 0.2 percentage point lower than the 57 percent reported for October. "Manufacturing inventories continued to expand due to panelists' companies continuing to stock more raw materials to help avoid production shortages, as well as growth in work-in-process and finished-goods inventories due to specific part shortages and holdbacks from some customers in several industries," says Fiore. An Inventories Index greater than 44.5 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).

The 10 industries reporting higher inventories in November — in the following order — are: Apparel, Leather & Allied Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Plastics & Rubber Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; Machinery; Transportation Equipment; Chemical Products; and Fabricated Metal Products. The three industries reporting a decrease in inventories in November are: Printing & Related Support Activities; Paper Products; and Primary Metals.

Customers' Inventories^†
ISM^®'s Customers' Inventories Index registered 25.1 percent in November, 6.6 percentage points less than the 31.7 percent reported for October, indicating that customers' inventory levels were considered too low. "Customers' inventories are too low for the 62nd consecutive month, a positive for future production growth. For 16 straight months, the Customers' Inventories Index has been at historically low levels, and November's reading of 25.1 percent is the second-lowest ever (above only July's figure of 25.0 percent) for this index," says Fiore.

No industries reported higher customers' inventories in November. The 15 industries reporting customers' inventories as too low during November — listed in order — are: Wood Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Machinery; Miscellaneous Manufacturing; Primary Metals; Paper Products; Furniture & Related Products; Fabricated Metal Products; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Food, Beverage & Tobacco Products; Plastics & Rubber Products; Chemical Products; and Transportation Equipment.

Prices^†
The ISM^® Prices Index registered 82.4 percent, a decrease of 3.3 percentage points compared to the October reading of 85.7 percent, indicating raw materials prices increased for the 18th consecutive month, at a slower rate in November. This is the 15th month in a row that the index has been above 60 percent and the 12th consecutive month it has exceeded 70 percent. "Aluminum, copper, corrugate and packaging materials; electrical and electronic components; energy; some plastics and plastic products; freight; and steels continue to remain at elevated prices due to product scarcity," says Fiore. A Prices Index above 52.7 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.

In November, all 18 industries reported paying increased prices for raw materials, in the following order: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Textile Mills; Wood Products; Furniture & Related Products; Paper Products; Miscellaneous Manufacturing; Transportation Equipment; Primary Metals; Computer & Electronic Products; Petroleum & Coal Products; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Chemical Products; Machinery; Fabricated Metal Products; Printing & Related Support Activities; and Plastics & Rubber Products.

Backlog of Orders^†
ISM^®'s Backlog of Orders Index registered 61.9 percent in November, a 1.7-percentage point decrease compared to the 63.6 percent reported in October, indicating order backlogs expanded for the 17th straight month. This is the 10th consecutive month with a reading above 60 percent. "Backlogs expanded at a slower rate in November, indicating production was able to keep up with continuing strong new order levels. Of the six big industry sectors, five (Food, Beverage & Tobacco Products; Computer & Electronic Products; Fabricated Metal Products; Chemical Products; and Transportation Equipment) reported that backlogs expanded strongly," says Fiore.

The 13 industries reporting growth in order backlogs in November, in the following order, are: Apparel, Leather & Allied Products; Wood Products; Machinery; Paper Products; Food, Beverage & Tobacco Products; Computer & Electronic Products; Primary Metals; Fabricated Metal Products; Chemical Products; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Transportation Equipment; and Plastics & Rubber Products. The only industry reporting lower backlogs in November is Textile Mills.

New Export Orders^†
ISM^®'s New Export Orders Index registered 54 percent in November, down 0.6 percentage point compared to the October reading of 54.6 percent. "The New Export Orders Index grew for the 17th consecutive month, at a slightly slower rate. Of the six big industry sectors, four (Food, Beverage & Tobacco Products; Chemical Products; Transportation Equipment; and Computer & Electronic Products) expanded. New export orders were a contributor to the New Orders Index continuing in strong expansion territory," says Fiore.

The nine industries reporting growth in new export orders in November — in the following order — are: Plastics & Rubber Products; Primary Metals; Miscellaneous Manufacturing; Machinery; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Chemical Products; Transportation Equipment; and Computer & Electronic Products. The only industry reporting a decrease in new export orders in November is Paper Products. Six industries reported no change in exports in November as compared to October.

Imports^†
ISM^®'s Imports Index registered 52.6 percent in November, an increase of 3.5 percentage points compared to October's figure of 49.1 percent. "Imports expanded in November after one month of contraction, in spite of continuing challenges with throughput at U.S. ports of entry. Overland transport challenges and container shortages continue to persist across the global supply chain, causing instability with import level projections. Imports will continue to be challenged through the end of 2021 and likely through the first half of 2022," says Fiore.

The seven industries reporting growth in imports in November — in the following order — are: Textile Mills; Computer & Electronic Products; Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; Machinery; Fabricated Metal Products; and Chemical Products. The four industries reporting a decrease in imports in November are: Nonmetallic Mineral Products; Primary Metals; Plastics & Rubber Products; and Electrical Equipment, Appliances & Components. Seven industries reported no change in imports in November as compared to October.

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

Buying Policy
Average commitment lead time for Capital Expenditures in November was 160 days, an increase of four days compared to October. Capital Expenditures lead times have increased in nine of the last 12 months for a net increase of 28 days since December 2020 (132 days). Average lead time in November for Production Materials was unchanged at 96 days; this figure is the highest since ISM^® began reporting this data in 1987, tying the record set in October. Average lead time for Maintenance, Repair and Operating (MRO) Supplies was 44 days, down five days compared to October.

 

 

About This Report
DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire U.S., while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of November 2021.

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.

Data and Method of Presentation
The Manufacturing ISM^®Report On Business^® is based on data compiled from purchasing and supply executives nationwide. The composition of the Manufacturing Business Survey Committee is stratified according to the North American Industry Classification System (NAICS) and each of the following NAICS-based industry's contribution to gross domestic product (GDP): Food, Beverage & Tobacco Products; Textile Mills; Apparel, Leather & Allied Products; Wood Products; Paper Products; Printing & Related Support Activities; Petroleum & Coal Products; Chemical Products; Plastics & Rubber Products; Nonmetallic Mineral Products; Primary Metals; Fabricated Metal Products; Machinery; Computer & Electronic Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Furniture & Related Products; and Miscellaneous Manufacturing (products such as medical equipment and supplies, jewelry, sporting goods, toys and office supplies). The data are weighted based on each industry's contribution to GDP. According to the BEA estimates for 2019 GDP (released December 22, 2020), the six largest manufacturing subsectors are: Computer & Electronic Products; Chemical Products; Transportation Equipment Manufacturing; Food, Beverage & Tobacco Products; Petroleum & Coal Products; and Fabricated Metal Products. Beginning in February 2018 with January 2018 data, computation of the indexes is accomplished utilizing unrounded numbers.

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).

The resulting single index number for those meeting the criteria for seasonal adjustments (Manufacturing PMI^®, New Orders, Production, Employment and Inventories) is then seasonally adjusted to allow for the effects of repetitive intra-year variations resulting primarily from normal differences in weather conditions, various institutional arrangements, and differences attributable to non-moveable holidays. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The Manufacturing PMI^® is a composite index based on the diffusion indexes of five of the indexes with equal weights: New Orders (seasonally adjusted), Production (seasonally adjusted), Employment (seasonally adjusted), Supplier Deliveries (seasonally adjusted), and Inventories.

Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A Manufacturing PMI^® reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. A Manufacturing PMI^® above 43.1 percent, over a period of time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 43.1 percent, it is generally declining. The distance from 50 percent or 43.1 percent is indicative of the extent of the expansion or decline. With some of the indicators within this report, ISM^® has indicated the departure point between expansion and decline of comparable government series, as determined by regression analysis. The Manufacturing ISM^® Report On Business^® survey is sent out to Manufacturing Business Survey Committee respondents the first part of each month. Respondents are asked to report on information for the current month for U.S. operations only. ISM^® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to give the most accurate picture of current business activity. ISM^® then compiles the report for release on the first business day of the following month.

The industries reporting growth, as indicated in the Manufacturing ISM^® Report On Business^® monthly report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.

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 since there is no significant seasonal pattern.

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About Institute for Supply Management^®
Institute for Supply Management^® (ISM^®) serves supply management professionals in more than 90 countries. Its 50,000 members around the world manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 as the first supply management institute in the world, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM leads the profession through the ISM Report On Business^®, its highly regarded certification programs and the ISM Advance^TM Digital Platform. This report has been issued by the association since 1931, except for a four-year interruption during World War II.

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SOURCE Institute for Supply Management