(RTTNews) - The Institute for Supply Management released a report on Monday unexpectedly showing a modest decrease by its reading on U.S. manufacturing activity in the month of November.
The ISM said its manufacturing PMI slipped to 48.2 in November from 48.7 in October, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.0.
The unexpected dip by the headline index partly reflected a decrease by the new orders index, which fell to 47.4 in November from 49.4 in October.
The employment index also slid to 44.0 in November from 46.0 in October, indicating employment contracted at a faster pace.
On the other hand, the report showed a turnaround by production, as the production index jumped to 51.4 in November from 48.2 in October.
The ISM said the prices index also crept up to 58.5 in November from 58.0 in October, suggesting a slightly faster pace of price growth.
On Wednesday, the ISM is scheduled to release a separate report on U.S. service sector activity in the month of November.
The services PMI is expected to edge down to 52.1 in November from 52.4 in October, but a reading above 50 would still indicate growth.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
