U.S. Mfg. PMI Drops in November
U.S. manufacturing activity slowed a little less than expected in November, according to figures released on Friday.
The IHS Markit purchasing managers' index fell to 53.9 in November from 54.6 in October, though that figure was a touch ahead of analysts' expectations for a drop to 53.8.
A reading above 50.0 indicates expansion while a reading below indicates contraction.
Goods producers increased their output at a rate only slightly below that seen in October. Anecdotal evidence suggested that the rise was due to greater order volumes and robust client demand. Meanwhile, new orders received by manufacturers rose at the second-fastest pace since March in November.
Panelists cited more favourable demand conditions and highlighted more orders south of the border from domestic and foreign clients.