The ISM manufacturing index indicated contraction in November. PMI was at 49.5% in November, down from 51.7% in October.
This confirms the trend we identified in our October Business Trends Report- precision machining shipments have fallen to a rate below those of 2011.
The ISM PMI report was expected to remain at October’s level of 51.7.
More disappointment:
The employment index was at 48.4%, down from 52.1%, and the new orders index was at 50.3%, down from 54.2%.
Why this is scary:
speakingofprecision says:
Layoffs highest in over a year. The number of respondents with part of their workforce on short-time or layoff increased from zero in October to 18% in November, the highest reading since May 2011.