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12/1/2020, 4:01 PM (Source: TeleTrader)
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US manufacturing growth lags in November - ISM

Manufacturing activity in the United States slowed down in November, a business report released by the Institute for Supply Management (ISM) revealed on Tuesday. Despite the 1.8% downtrend compared to October's figure, US manufacturing recorded the seventh consecutive month of growth, with the Purchasing Managers Index (PMI) at 57.5% for the eleventh month.

The New Orders Index dropped by 2.8 percentage points to 65.1%, while the Production Index landed at 60.8%, after a 2.2% decrease compared to the previous month. The Employment Index slide 4.8 percentage points to stand at 48.4% and the Prices Index remained almost unchanged, dipping 0.1% to amount to 65.4%.

"The manufacturing economy continued its recovery in November. Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that will likely limit future manufacturing growth potential," Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, stated.

Breaking the News / BU