US ISM Manufacturing PMI fell to 48.2 in November from 48.7, missing expectations for 49.0 and marking the ninth straight month of contraction.
New orders dropped sharply to 47.4 from 49.4. Employment deteriorated further from 46.0 to 44.0. Production was one of the few bright spots, rising from 48.2 to 51.4 and suggesting that output is holding steady even as new business slows. Input prices edged up from 58.0 to 58.5.
Based on the historical relationship between PMI Manufacturing and broader activity, November’s reading corresponds to an estimated 1.7% annualized increase in real GDP.
