Manufacturing Contracts in November
Manufacturing contracted in November for the fourth consecutive month, according to the latest Manufacturing Institute for Supply Management Report On Business.
When comparing November to October, the PMI indicates a continuing rapid rate of contraction in manufacturing, ISM reported. New orders have contracted for 12 consecutive months, and are at the lowest level since June 1980 when the index registered 24.2 percent.
Order backlogs have fallen to the lowest level since ISM began tracking the Backlog of Orders Index in January 1993. The Prices Index at 25.5 percent indicates that commodity prices continue to decline at a rapid rate. This is the lowest reading for the index since May 1949 when it registered 20.1 percent.
The two industries ...
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