Economic Growth in November
December 2, 2021 - The overall economy, manufacturing, exports and imports all registered growth in November despite supply chain bottlenecks
The national Institute for Supply Management (ISM) Report for Business indicated that in November the New Export Orders Index recorded 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.
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 bottlenecks at US ports of entry. Additionally, both the overall economy and manufacturing grew for the18th consecutive month in November, according to the ISM report.
According to Creighton University’s Ernie Goss, PhD., “The Heartland 9-state Business Conditions Index, which uses the identical methodology as the national ISM, recorded that despite supply chain bottlenecks, regional export numbers were positive for the month. The new export orders index advanced to 56.7 from October’s 53.3, while port delays sank the import reading to 50.1 from 57.9 in October.”