America's manufacturing sector contracted in November for the first time since May 2020, adding to mounting evidence this year's aggressive monetary tightening cycle is having its desired effect on inflation.
This is the first time the index has printed below 50 since the pandemic – 50 being the figure separating expansion and contraction. “People are talking about this equity market rally but what does it look like once the Q4 earnings season and outlooks come in?” “Price declines continue to be driven by relaxation in energy markets, copper, steel, aluminium, plastics, corrugate and as well as volatility in freight costs,” Timothy Fiore, chairman of the ISM manufacturing business survey committee, said in a statement.“Notably, 87 per cent of respondents reported paying the same or lower prices in November, compared to 80 per cent in October.”
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