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12/1/2022, 4:02 PM (Source: TeleTrader)
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US manufacturing sector at lowest since May 2020 - ISM

United States manufacturing activity contracted in November for the first time since May 2020, the Institute for Supply Management (ISM) revealed in its report released Thursday. After 29 consecutive months of growth, the November Manufacturing PMI came in at 49%, down 1.2 percentage points from 50.2% in October.

At 47.2%, the New Orders Index also remained in contraction territory, down two percentage points from the 49.2% recorded in October. Meanwhile, the Production Index was at 51.5%, and the Prices Index decreased by 3.6 percentage points to stand at 43%, the index’s lowest reading since May 2020.

"The US 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 Timothy R. Fiore, Chair of the Institute for Supply Management (ISM).

Baha Breaking News (BBN) / JG