Economy
US manufacturing sector contracts to 30-month low in November
Renewed fall in output, sharper decline in new orders contributed to decrease, S&P Global says
Ovunc Kutlu |
23.11.2022 - Update : 23.11.2022
ANKARA
The US manufacturing sector contracted in November to hit its lowest level in 30 months, according to a report Wednesday by the US-based financial services company S&P Global.
The Purchasing Managers' index (PMI), which measures the activity of managers in the manufacturing sector, fell 2.8 points to 47.6, down from 50.4 in October.
The expectation for manufacturing PMI was to come in at 50.
While a reading above 50 indicates expansion in the sector, below 50 represents contraction.
The decline "signaled a renewed decline in operating conditions at manufacturers in November," said S&P Global.
"Contributing to the decrease in the headline figure was a renewed fall in output and a sharper decline in new orders," it added.
