US Factory Activity Shrinks Less Than Forecast as Orders Expand
- ISM’s November manufacturing index rises to 48.4 from 46.5
- Measure of new orders shows first expansion since March
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US manufacturing activity shrank in November by less than forecast as a gauge of new orders moved into expansion territory for the first time in eight months and indicated business confidence is gradually improving.
The Institute for Supply Management’s factory gauge rose 1.9 points, the most since March, to 48.4, data out Monday showed. The median projection in a Bloomberg survey of economists called for an index of 47.5. While the latest figure marked an eighth straight month of contraction with a reading below 50, most categories that feed into the overall index showed improvement.