Economic Buzz: US ISM Manufacturing Index Slips To 49.0 In November

2 Dec 2022 , 08:50 AM

Activity in the U.S. manufacturing sector contracted for the first time in over two years in the month of November, according to a report released by the Institute for Supply Management. The ISM said its manufacturing PMI slipped to 49.0 in November from 50.2 in October, with a reading below 50 indicating a contraction. With the slightly bigger than expected decrease, the manufacturing PMI fell to its lowest level since hitting 43.5 in May of 2020. The modest decrease by the headline index came as the new orders index dipped to 47.2 in November from 49.2 in October, suggesting a slightly accelerated contraction in new orders. The production index also edged down to 51.5 in November from 52.3 in October, indicating a modest slowdown in the pace of growth. Pointing to a downturn in employment in the manufacturing sector, the employment index also slipped to 48.4 in November from 50.0 in October. Powered by Commodity Insights