Posted December 1, 2022

Manufacturing index contracted in November

Economic activity in the manufacturing sector contracted in November for the first time since May 2020 after 29 consecutive months of growth.

According to the monthly Report on Business from the Institute for Supply Management, the November Manufacturing PMI registered 49 percent, 1.2 percentage points lower than the 50.2 percent recorded in October.

The Manufacturing PMI figure is the lowest since May 2020, when it registered 43.5 percent.

“The U.S. manufacturing sector dipped into contraction, with the Manufacturing PMI at its lowest level since the coronavirus pandemic recovery began. With Business Survey Committee panelists reporting softening new order rates over the previous six months, the November composite index reading reflects companies’ preparing for future lower output," said said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.

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