Manufacturing continues to contract.
Manufacturing activity continued to lag in November amid a lag in inventories and new orders, according to the latest ISM Manufacturing reading released Monday.
The reading came in at 48.1 vs. an expectation of 49.4 and the previous month’s reading of 48.3.
Though the ISM reading is usually reported as a simple number, it actually denotes the percentage of manufacturers planning to expand operations. A reading below 50 represents contraction; November was the fourth straight month below the expansion level.
I don’t think anybody is surprised by this; the manufacturing slowdown has been well-known for months now.
Soon, layoffs. The Trump administration will blame it on economic uncertainty associated with his impeachment but … No. Manufacturing is merely settling back to where it should have been all along, less the sugar-high provoked by that insane tax cut.