ISM Factory Index Dips in November

The Institute for Supply Management’s manufacturing index dipped slightly in November from October, ISM said Monday.

ISM’s factory index declined to a 50.8 reading from 50.9 in October, the group said. Readings above 50 indicate expansion.

The drop matched economists’ forecasts, , Bloomberg reported.

The production index rose to 51.9 to 49.6, while the new orders index inched up to 52.6 from 52.5, ISM said.

“Manufacturing continued to grow during November, a trend that is now in its 10th month,” said Norbert Ore, chair of ISM’s manufacturing business survey committee.

“The rate of growth in the sector was down slightly compared to October. While other segments of the economy are struggling, manufacturing continues to grow due to continuing strength in new orders, and a recovery in production from last month. Prices, driven higher by energy prices, are once again the major concern,” he said in a statement.

The factory sector is one of trucking’s largest and most important customers.