US manufacturing PMI unchanged in November, ISM report shows
By Benjamin Chiou
Date: Friday 01 Dec 2023
(Sharecast News) - Economic activity in the US manufacturing sector declined in November for the 13th straight month, according to the Institute for Supply Management's latest purchasing managers' index (PMI).
The ISM manufacturing PMI was unchanged from October at 46.7, with figures under 50 representing a contraction in activity.
The consensus forecast was for a slight improvement to 47.6.
The production index moved into negative territory, falling to 48.5 from 50.4 the month before, while the employment gauge declined to 45.8 from 46.8. The new orders index improved to 48.3 from 45.5 but remained firmly in contraction.
"Demand remains soft, and production execution is slightly down compared to October as panelists' companies continue to manage outputs, material inputs and - more aggressively - labour costs," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.
"We had expected a small bounce in the headline index after the 2.3 point fall in October, but the November index is still broadly in line with the flattish trend since the summer," said economist Kieran Clancy from Pantheon Macroeconomics.
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