Manufacturing in the U.S. unexpectedly contracted in November as orders dropped to a three-month low and exports slowed.
The Institute for Supply Management’s factory index decreased to 49.5, the lowest since July 2009, from 51.7 a month earlier, the Tempe, Arizona-based group said today. Economists projected the index would ease to 51.4, according to the median forecast in a Bloomberg survey. A reading of 50 marks the dividing line between expansion and contraction.
The measure of orders waiting to be filled was little changed at 41 after 41.5. The inventory index decreased to 45 from 50, while a gauge of customer stockpiles slumped to 42.5 from 49.