Manufacturing contracted in November, as the PMI registered 48.1%, a decrease of 0.2% from the October reading of 48.3%. A reading above 50% indicates that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting.
“The PMI contracted for the fourth straight month, at faster levels compared to October. This marks eight straight months of softening or contraction in manufacturing. All but one (supplier deliveries) of the PMI subindexes registered at levels associated with contraction. For the third straight month, two of the six big industries expanded, and four contracted,” says Timothy R. Fiore, chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.