US ISM Manufacturing Index dropped to 48.1 in November, down from 48.3, missed expectation of 49.4. It’s the fourth month of sub-50 contraction reading. ISM’s Timothy R. Fiore warned “global trade remains the most significant cross-industry issue”.

Looking at some details, all components stayed are in contraction except supplier deliveries. New orders dropped -1.9 to 47.2. Employment dropped -1.1 to 46.6. New export orders dropped into contraction, by -2.5 to 47.9. On the the hand, production rose 2.9 to 49.1 while prices rose 1.2 to 46.7.

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