WASHINGTON, D.C.: The US manufacturing sector cooled slightly in November but held at a solid pace of expansion, according to a private survey released on Monday.
The Institute for Supply Management said its purchasing managers index slipped to 58.7 in November from 59.0 in October.
The PMI number has been above 50, indicating expansion, for 18 consecutive months. In November, the number came in well above the 12-month average of 55.9, and better than analysts’ consensus forecast of 58.0.
Of the 18 industries the ISM surveyed last month, 14 reported growth and one reported contraction—the apparel, leather and allied products sector.
The forward-looking index component for new orders was a bright spot, rising to 66.0 from 65.8 in October.
But other components showed slowdowns, including in production, down 0.4 point to 64.4, and employment, 0.6 point lower at 54.9.