US stocks slipped slightly in early Monday trading after fresh data showed that America’s manufacturing sector weakened further in November, adding to concerns over slowing economic momentum.
The ISM Manufacturing PMI came in at 48.2below both the forecast of 48.6 and October’s reading of 49.1marking another month of contraction in factory activity.
Adding to the downbeat mood, the ISM Manufacturing Employment Index fell sharply to 44.0 in November versus 46.0 previously, signalling deeper job softness across the industrial sector.
The weaker-than-expected data pushed major US indices lower as investors assessed the impact of cooling demand, shrinking new orders, and further employment deterioration.
This is a developing market story and will be updated.
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