US ISM Manufacturing PMI was unchanged at 46.7 in November, missed expectation of 47.7. Looking at some details, new orders rose from 45.5 to 48.3. Production fell from 50.4 to 48.5. Employment fell from 46.8 to 45.8. Prices rose from 45.1 to 49.9.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the November reading (46.7 percent) corresponds to a change of minus-0.7 percent in real gross domestic product (GDP) on an annualized basis.”
