Manufacturing activity in southeastern Wisconsin continued its downward trend in November as new orders and order backlogs both declined during the month, according to the latest Marquette-ISM Report on Manufacturing.
The report’s Milwaukee-area PMI dropped from 45.24 in October to 44.74 in November. A reading below 50 suggests the region’s manufacturing sector is contracting. The index has now been below 50 in four of the past five months and the six-month average is now below 50 for the first time since October 2020.
Respondents to the survey used to generate the index pointed to a number of issues, including growing fears of a recession, declining product demand, high interest rates, long lead times and inventory management issues.
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