According to the Institute for Supply Management's index that tracks growth in manufacturing, November came in at 53.6 percent, which makes it the fourth month in a row that has seen growth. A number above 50 on the index indicates growth.
However, the index did fall when compared to October, where it registered 55.7 percent. Norbert Ore, chair of the ISM, said that recovery in manufacturing is continuing, though some areas are still struggling.
"While the rate of growth slowed when compared to October, the signs are still encouraging for continuing growth as both new orders and production are still at very positive levels, and the Prices Index fell 10 points, signaling less inflationary pressure on manufacturers' costs," Ore said.
Of the 18 manufacturing industries tracked, 12 experienced growth, including transportation equipment and machinery, which should come as a welcome sign to equipment makers after a somewhat rough year.
For example, John Deere recently reported that it posted a $223 million loss for the fourth quarter. However, the farm equipment manufacturer did report that despite the loss it posted an overall profit of $874 million for the year.
