US ISM Manufacturing PMI dropped from 50.2 to 49.0 in November, worse than expectation of 50.5 That’s also the first contraction reading in 29 months since May 2020. Looking at some details, new orders dropped form 49.2 to 47.2. Production dropped from 52.3. to 51.5 Employment dropped from 50.0 to 48.4. Prices dropped from 46.6. to 43.0.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for November (49 percent) corresponds to a 0.1-percent increase in real gross domestic product (GDP) on an annualized basis.”
