ISM Manufacturing Index Slips in November

An index of U.S. manufacturing activity fell in November, the Institute for Supply Management said Tuesday.

ISM’s monthly factory services index fell to a 53.6 reading from 55.7 in October, ISM said in its monthly report.

Figures of more than 50 indicate expansion, while below that show contraction. Economists had forecast the reading to fall to 55, Bloomberg reported.

“The manufacturing sector grew for the fourth consecutive month in November [and] while the rate of growth slowed compared to October, the signs are still encouraging for continuing growth as both new orders and production are still at very positive levels,” said Norbert Ore, chair of ISM’s business survey committee.

New orders rose to a 60.3 reading, from 58.5, while production slipped to 59.9, from 63.3.

The ISM factory index measures manufacturing components of the economy.