The ISM manufacturing index indicated contraction in November. PMI was at 49.5% in November, down from 51.7% in October.
![US manufacturing shrank to its lowest level since July 2009, at the end of the Great Recession.](https://i0.wp.com/www.pmpa.org/wp-content/uploads/2012/12/ismnov2012.jpg?resize=300%2C203&ssl=1)
This confirms the trend we identified in our October Business Trends Report- precision machining shipments have fallen to a rate below those of 2011.
The ISM PMI report was expected to remain at October’s level of 51.7.
More disappointment:
The employment index was at 48.4%, down from 52.1%, and the new orders index was at 50.3%, down from 54.2%.
Why this is scary:
![Weakness in manufacturing makes these ratios even worse.](https://i0.wp.com/www.pmpa.org/wp-content/uploads/2012/12/tax20burden_0.jpg?resize=450%2C335&ssl=1)
speakingofprecision says:
Layoffs highest in over a year. The number of respondents with part of their workforce on short-time or layoff increased from zero in October to 18% in November, the highest reading since May 2011.
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