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Manufacturing activity in the United States, as measured by the Institute for Supply Management (ISM), declined in November for the first time in two and a half years.
ISM's November Manufacturing PMI came in at 49 percent, which is 1.2 percentage points lower than the 50.2 percent registered in October, according to a recent ISM report. This is the first contraction in Manufacturing PMI since May 2020, and follows 29 consecutive months of growth. A reading below 50 indicates that manufacturing is contracting. The November figure remains above the level that is usually associated with recession in the economy.
Manufacturing makes up 11.3 percent of the American economy. Panelists at ISM's Business Survey Committee reported softening new order rates in the past six months. Demand eased, with the New Export Orders Index remaining below 50 percent for the fourth straight month; the New Orders Index in contraction territory; and the Backlog of Orders Index going deeper into contraction....