02:45 PM GMT, United States - PMI Data for November:
- S&P Global US Manufacturing PMI: actual 49.7; forecast 48.8; previous 48.5;
03:00 PM GMT, United States - ISM Data for November:
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Open account Try demo Download mobile app Download mobile app- ISM Manufacturing PMI: actual 48.4; forecast 47.7; previous 46.5;
- ISM Manufacturing New Orders Index: actual 50.4; previous 47.1;
- ISM Manufacturing Employment: actual 48.1; previous 44.4;
- ISM Manufacturing Prices: actual 50.3; forecast 56.0; previous 54.8;
U.S. manufacturing activity showed signs of improvement in November, though still remaining in contraction territory. The ISM Manufacturing PMI rose to 48.4, up from October's 46.5, while the S&P Global US Manufacturing PMI increased to 49.7, both exceeding forecasts but staying below the 50-point expansion threshold.
A significant positive development was the New Orders Index returning to expansion at 50.4 after seven months of contraction, potentially signaling a turning point in demand. Employment conditions, while still contracting at 48.1, showed improvement from October's 44.4. Price pressures moderated with the Prices Index falling to 50.3 from 54.8, though still indicating slight inflation.
Industry feedback suggests a mixed outlook for 2024-2025. While some sectors like Food, Beverage & Tobacco Products and Computer & Electronic Products reported growth, 11 industries remained in contraction. Manufacturers cited ongoing challenges from high mortgage rates, inflation impacts on consumer behavior, and inventory management issues. However, there are emerging positive signals, including reports of increasing backlogs in some sectors and renewed interest in U.S. manufacturing following the election.
The overall economic expansion continued for the 55th consecutive month since the brief contraction in April 2020, though manufacturing weakness persists with 66% of manufacturing GDP contracting in November. The data has contributed to U.S. Dollar strength against the Euro.
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