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ECON: ISM Manufacturing Much Weaker Than Expected
Posted to: Micro News
Monday, December 3, 2012 10:08 AM
- PMI 49.5 vs 51.3 consensus
- New Orders 50.3 vs 54.2
- Manufacturing activity lowest since July 2009
- Employment index at 48.4, lowest since Sept 2009
Economic activity in the manufacturing sector contracted in November following two months of modest expansion, while the overall economy grew for the 42nd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
The PMI™ registered 49.5 percent, a decrease of 2.2 percentage points from October's reading of 51.7 percent, indicating contraction in manufacturing for the fourth time in the last six months. This month's PMI™ reading reflects the lowest level since July 2009 when the PMI™ registered 49.2 percent.
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.
Comments from the panel this month generally indicate that the second half of the year continues to show a slowdown in demand; respondents also express concern over how and when the fiscal cliff issue will be resolved.
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