Kansas City Fed manufacturing index for November
- manufacturing index 17 versus 25
- composite index 24 versus 31
- shipments 2 versus 28 last month
- new orders -4 versus 27 last month
- backlog of orders 10 versus 23 last month
- employees 27 versus 34 last month
- average employee workweek 10 verse 15 last month
- prices received for finished products 50 the versus 47 last month
- prices paid for raw material 77 versus 87 last month
- new orders for exports seven versus five last month
- supplier delivery time 57 versus 50 last month
- inventories materials 21 versus 20 last month
- inventories finished goods -2 versus six last month
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Comments from the Kansas City Fed on the report:
- The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes.
- Factory growth was driven by increased activity at durable goods plants, particularly machinery manufacturing, electrical equipment, transportation equipment, and furniture production.
- Month-over-month indexes remained mostly positive, but the pace of growth slowed compared to October.
- While production and employment were strong in November, supplier delivery time increased, and the volume of new orders decreased.
- Finished goods inventories also declined, but materials inventories inched up.
- Year-over-year factory indexes expanded at a steady rate, and the year-over-year composite index was 50 again in November.
- Compared to a year ago, supplier delivery time was much higher, and employment and capital expenditures increased slightly.
- The future composite index was 35 in November, similar to 34 in October, with higher production and shipments expected moving forward.