The Institute for Supply Management (ISM)-Milwaukee Purchasing Managers Index (PMI) for November has been revised to 70.25, up from the previous estimate of 68.93, indicating continued robust growth for manufacturers in southeastern Wisconsin and northern Illinois.
The seasonally adjusted index is calculated by Marquette University’s Center for Supply Chain Management.
Any number above 50 is an indicator of increased monthly production among manufacturers in southeastern Wisconsin. The Milwaukee index has been above 50 for 13 of the past 15 months.
The upwardly revised November PMI reported gains in new orders, production, inventories, prices, backlogs of orders, exports and imports.
Michael Antonelli, equity sales trader at Milwaukee-based Robert W. Baird & Co. Inc., stated on Twitter today that he believed November’s revised Milwaukee PMI reading of 70.25 was “the highest ISM Milwaukee reading ever.” Antonelli said records, which go back to 1998, indicated the previous Milwaukee high of 70.00 came in 2007.
The comments from respondents to the November survey included:
“Skilled labor is needed.”
“There has been an increase in the number of new positions.”
“The continuing delays at the West Coast ports for imports from Asia are extending lead times and/or causing increased costs via air-shipments.”
“Congestion may lessen after the Christmas holiday rush of imports for retail sales.”
“The main issue at this time of the year is the holiday season and end of the year.”
“There have also been general price increases.”