ISM Nov Manufacturing PMI Lower At 57.5 vs Oct 59.3

US ISM NEW ORDERS INDEX 65.1 NOV VS 67.9 OCT

US ISM EMPLOYMENT INDEX 48.4 NOV VS 53.2 OCT

US ISM PRODUCTION INDEX 60.8 NOV VS 63.0 OCT

US ISM SUPPLIER DELIVERY INDEX 61.7 NOV VS 60.5 OCT

US ISM INVENTORIES INDEX 51.2 NOV VS 51.9 OCT

The ISM Mfg PMI eased by 1.8pt in in Nov, falling to 57.5 and coming in as markets expected (BBG: 57.6). Nov's decline was broad-based with every major category except for Supplier Deliveries showing a m/m decrease. Employment saw the largest drop, down 4.8pt, followed by New Orders (-2.8pt), Production (-2.2pt) and Inventories (-0.7pt). The Employment indicator shifted back to contraction in Nov after recording the first reading over 50 in Oct in over a year. On the other hand, Supplier Deliveries ticked up 1.2pt to 61.7, which is the highest level since May. Among the other categories, Imports revealed the biggest decline, falling 3.0pt to 55.1, while Exports edged up 2.1pt to 57.8. Order Backlogs gained 1.2pt and rose to 56.9 which is the highest level since Aug 2018. Prices cooled by 0.1pt to 65.4 after six consecutive months of gains. The Customer's Inventory index recorded the seventh successive decline, slipping to 36.3 in Nov.