Manufacturing activity in the United States, as measured by the Institute for Supply Management (ISM), declined in November for the first time in two and a half years.
ISM’s November Manufacturing PMI came in at 49 percent, which is 1.2 percentage points lower than the 50.2 percent registered in October, according to a recent ISM report. This is the first contraction in Manufacturing PMI since May 2020, and follows 29 consecutive months of growth. A reading below 50 indicates that manufacturing is contracting. The November figure remains above the level that is usually associated with recession in the economy.
