US Manufacturing PMI Declines To Lowest Level In 11 Months

The US Manufacturing Purchasing Managers Index (PMI) declined to its lowest level in 11 months, according to London-based global data provider IHS Markit on Wednesday.

The index, which measures the activity level of purchasing managers in the manufacturing sector, fell to 58.3 in November.

While the figure is below an earlier flash estimate of 59.1, it marked the lowest reading since December 2020.

A reading above 50 indicates expansion. Below 50 shows contraction.

"Broad swathes of US manufacturing remain hamstrung by supply chain bottlenecks and difficulties filling staff vacancies," Chris Williamson, Chief Business Economist at IHS Markit said in a statement. -