Economic activity in the manufacturing sector failed to grow in November for the fourth consecutive month, and the overall economy contracted for the second consecutive month, says the Institute for Supply Management (ism.ws).rnThe November PMI registered 36.2%, down 2.7 points. New orders fell 4.3 points to 27.9%, reaching their lowest level since June 1980 (24.2%). Production was 31.5%, down from 34.1%, while inventories dropped 5.2 points to 39.1%. Customer inventories remained at 55%, and the backlog of orders fell 2.5 points to 27%. A reading above 50% generally indicates growth.
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