The S&P Global Manufacturing PMI is forecast to have fallen to 47.6 in November. | So Good News
- The US S&P Global Manufacturing PMI fell below 50 in early November.
- The US Dollar Index extended its daily slide after the data.
Business activity in the US manufacturing sector contracted in early November, with the S&P Global Manufacturing PMI falling to 47.6 from 50.4 in October. This reading came in weaker than 50 market expectations.
“Contributing to the decline in the headline figure was a decline in new output and a sharp decline in new orders,” S&P Global explained in its release.
Commenting on the survey, “In this environment, inflationary pressures should continue to cool in the months ahead, although the economy remains in a recession-prone state,” said Chris Williamson, chief economist at S&P Global Market Intelligence. .
The US Dollar Index fell sharply with the initial reaction to this data and was last seen down 0.6% at 106.50.