US manufacturing purchasing managers’ index
According to IHS Markit, the US manufacturing PMI (purchasing managers’ index) stood at 53.9 in November 2017. The preliminary estimate was 53.8. In October 2017, the manufacturing PMI score was 54.6.
Growth in the manufacturing sector
The fall in the US (COMP-INDEX) manufacturing PMI score from October to November was mainly due to lower production output, new orders, and employment.
In November 2017, new order growth reached its second-highest level since March, possibly due to higher domestic and international demand. Export sales expanded at the second-highest rate seen in the last 15 months. However, export sales growth was moderate. Employment reached its second-highest growth rate since June 2015.
ETF performance in November
The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 (SPX-INDEX), rose 3.1% in November 2017. The iShares Russell 2000 ETF (IWM), which tracks the performance of US small-capitalization stocks, rose 2.9%. In the next part of this series, we’ll analyze French manufacturing PMI data for November 2017.