ISM Manufacturing PMI: Faster Contraction In November

Summary

• The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 48.2 in November, indicating contraction in U.S. manufacturing for a ninth straight month.
• Contraction accelerated as new orders and employment indexes both dropped 2 percentage points, highlighting persistent economic uncertainty.
• Production expanded in November, but 67% of companies continue to manage headcount reductions rather than hiring.