The manufacturing section of our economy wasn’t all that healthy to begin with, and look at it now.
U.S. factory activity shrank in November for the first time in 3-1/2 years as new orders, production and employment fell and prices paid rose, according to a survey published on Friday.
The Institute for Supply Management said its index of national factory activity dropped to 49.5 from 51.2 in October, below economists’ median forecast for a slight rise to 51.5.
This was the first time that the index had fallen below 50 since April 2003, when a reading of 46.5 was recorded.
A reading below 50 indicates shrinkage in the sector.
The prices paid index, which measures inflationary pressures within the factory sector, climbed to 53.5 in November, from 47.0 in October.
New orders, a gauge of future growth, fell to 48.7 from 52.1 in October, while the employment index slipped to 49.2 from 50.8.