Both the PMPA Business Trends Index and the ISM PMI  for October 2011 index show a slight flattening in shipments; the ISM report indicates a continuation of the expansion of the manufacturing sector.

Shipments seem to be levelling off.

The direction of change in our index parallels that of the ISM PMI reported for October. We believe that the October numbers we report indicate a ‘flattening of,’ not a ‘decline in’ industry shipments.