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S&P Mfg PMI Doesn’t Move The Needle Ahead Of ISM

US DATA
  • The S&P Global US PMI was unrevised at 49.4 in the November final release, dipping from 50.0 in October for its lowest since August.
  • The press release notes a sixth drop in new orders for the last seven months as a contributor.
  • “The fall in total new orders was focused on the domestic market as new export sales returned to growth for the first time since May 2022."
  • "Manufacturers recorded a notable moderation in the pace of input price inflation during November. The pace of increase eased to the slowest since August and was well below the historic trend rate. [...] In response to a less marked rise in cost burdens, and in an effort to drive sales, the pace of charge inflation eased in November. Selling prices rose at the joint-slowest pace since July."
  • The ISM mfg index follows at the top of the hour.

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