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Manufacturing report shows slowing

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Manufacturing report shows slowing

Manufacturing activity slows, but less than expected, according to ISM report.

Economic activity in the manufacturing sector expanded in November for the 18th consecutive month, and the overall economy grew for the 66th consecutive month, but the pace of expansion slowed in November, according to a closely watched survey of the nation’s supply executives undertaken by The Institute for Supply Management.

The November PMI came in at 58.7%, a decrease of 0.3 percentage point from October’s reading of 59%, indicating continued expansion in manufacturing. Analysts had expected a decrease to 57.8%.

"The November PMI came in at 58.7%, a decrease of 0.3 percentage point from October’s reading of 59%."

The New Orders Index registered 66%, an increase of 0.2 percentage point from October, while the Production Index registered 64.4%, 0.4 percentage point below the previous month.

The Employment Index grew for the 17th consecutive month, coming in at 54.9%, a decrease of 0.6 percentage point below October.  Inventories of raw materials registered 51.5%, a decrease of 1 percentage point from October.

Finally, the Prices Index hit 44.5%, down 9 percentage points from the October reading of 53.5%, the lowest reading in nearly two years.

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