U.S. Factory Activity Contracts Faster Than Expected

U.S. factory activity slipped at a faster pace than expected in November, as businesses continue to face a hit from higher tariffs, according to a survey of manufacturing firms.

The Institute for Supply Management said Monday that its purchasing managers’ index of manufacturing activity fell to 48.2 in the month, from 48.7 in October. A consensus of economists polled by The Wall Street Journal had expected the index to rise to 48.8.