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Monday, December 9, 2019 9:57:44 PM EST

Ism Index Updated 02-Dec-19 10:41AM ET
The ISM Manufacturing Index for November registered a 48.1% reading ( consensus 49.2%) versus 48.3% for October. The dividing line between expansion and contraction is 50.0%, so the November reading connotes a deceleration in activity from the prior month.

The Production Index rose to 49.1% from 46.2%.

The Employment Index dropped to 46.6% from 47.7%, marking the fourth straight month of contraction.

The Prices Index rose to 46.7% from 45.5%.

The Backlog of Orders Index fell to 43.0% from 44.1%, which was the seventh straight month of contraction.

The key takeaway from the report is that it reflects ongoing weakness in the U.S. manufacturing sector, evidenced primarily by the fourth straight decline in the New Orders Index (to 47.2% from 49.1%).

According to the ISM, the past relationship between the PMI and the overall economy indicates the November reading corresponds to a 1.5% increase in real GDP on an annualized basis.

Total Index48.148.347.849.151.2
Export Orders47.950.441.043.348.1
Prices paid (not seas adj)46.745.549.746.045.1