ISM November PMI: US manufacturing still contracting but at slower rate

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02 December 2024

 

Summary: ISM manufacturing PMI up in November, above expectations; ISM: activity contracts again but at slower rate; US Treasury yields rise; expectations of Fed rate cuts soften; Westpac: new orders index up above 50; ISM: reading corresponds to 1.7% US GDP growth annualised. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a downtrend which ended in March...

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