The ISM PMI came in unchanged in November at 46.7, the 13th consecutive month this series has indicated contraction in manufacturing.

On a positive note, though current production dropped, new orders rose.

Other data points of note:

  • Export orders dropped (6 of 18 industries reporting growth)
  • Backlogs dropped (no industry reported growth in backlogs)
  • Prices are no longer going down (7 of 18 industries report paying higher prices for raw materials)
  • Employment dropped (3 of 18 industries reported an increase in employment)
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