The Institute for Supply Management (ISM) reported Monday that its Purchasing Managers' Index (PMI) registered 49.5 percent in November, a 2.2 percentage point drop from October's reading of 51.7 percent, indicating contraction in manufacturing for the fourth time in the last six months. November's reading also reflected the lowest level since July 2009 when the PMI was 49.2 percent. Only six of the 18 manufacturing industries reported growth in November, with the Primary Metals, Machinery, Transportation and Fabricated Metal Products amid those reporting contraction in November.
The New Orders Index registered 50.3 percent, a decrease of 3.9 percentage points from October, indicating growth in new orders for the third consecutive month. The Production Index registered 53.7 percent, an increase of 1.3 percentage points, indicating growth in production for the second consecutive month. The Employment Index registered 48.4 percent, a decrease of 3.7 percentage points, which is the index's lowest reading since September 2009 when the Employment Index registered 47.8 percent. The Prices Index registered 52.5 percent, reflecting a decrease of 2.5 percentage points.