Stock market today: Dow, S&P 500, Nasdaq slip, bitcoin plummets in rocky start to December
The US manufacturing sector contracted for the ninth straight month in November, according to data released Monday by the Institute for Supply Management.
The Manufacturing PMI registered at 48.2 for November, against a reading of 48.7 in October, as the Trump administration’s tariff policies continued to roil a sector that imports a large amount of materials. Readings below 50 indicate a contraction, while those above 50 indicate an expansion.
The industrials sector, which has risen healthily on the year, fell by around 1.6% over the past month.
“At any given point, trade with our international partners is clouded and difficult. Suppliers are finding more and more errors when attempting to export to the U.S. — before I even have the opportunity to import,” one respondent to the ISM’s monthly survey said.
“Conditions are more trying than during the coronavirus pandemic in terms of supply chain uncertainty.”
Index readings for new orders, employment, supplier deliveries, and backlog of orders fell in the month, dragging the overall rating down even as other metrics such as production, prices, and imports expanded.
The ISM noted that raw materials, including aluminum, copper, natural gas, and a basket of critical minerals, among others, have all gotten more expensive on the month, while electrical components and rare earth metals remain in short supply.
Labor was also noted as being in short supply.
“Business conditions remain soft as a result of higher costs from tariffs, the government shutdown, and increased global uncertainty,” another survey respondent said.
