US ISM Manufacturing Index dropped to 57.5 in November, down from 59.3, matched expectations. The second stayed in expansion for the seventh month a in row, after a contraction in April.
New orders dropped -2.8 to 65.1. Production dropped -2.2 to 60.8. Employment dropped -4.8 to 48.4, back below 50. Prices dropped -0.1 to 65.4.
ISM said: “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. Panel sentiment, however, is optimistic (2.5 positive comments for every cautious comment), an improvement compared to October.
