The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in November was 47.7, dropping 2.7 points from October. Manufacturers reported a decrease in both output and new orders.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times and stocks of raw materials. A reading above 50 indicates growth, below represents a contraction. IHS Markit and S&P Global merged earlier this year. See S&P Global