December 19, 2023 - Economic activity in the manufacturing sector contracted in November for the 13th consecutive month following a 28-month period of growth, say the nation's supply executives in the latest Manufacturing Institute for Supply Management (ISM) Report On Business.
ISM new export orders dropped to 46.0 in November, down from 49.4 in October, while November imports slipped to 46.2 from October’s 47.9.
In the Heartland: “After two straight months of readings above growth neutral, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, slumped significantly below the 50.0 growth neutral threshold in November,” said Ernie Goss PhD, director of Creighton University’s Economic Forecasting Group and the Jack A. MacAllister Chair in Regional Economics in the Heider College of Business.
Heartland trade numbers, unlike the ISM trade index, were surprisingly stronger for the month with new export orders increasing to a solid 54.6 from October’s 41.7. However, November imports dropped to 46.7 from 50.2 in October.