US DATA: ISM text: PMI registered 49.5 percent, a decrease of 2.2 percentage
points from October’s reading of 51.7 percent, indicating contraction in
manufacturing for the fourth time in the last six months. This month’s PMI
reading reflects the lowest level since July 2009 when the PMI registered 49.2
percent. The New Orders Index registered 50.3 percent, a decrease of 3.9
percentage points from October, indicating growth in new orders for the third
consecutive month. The Production Index registered 53.7 percent, an increase of
1.3 percentage points, indicating growth in production for the second
consecutive month. The Employment Index registered 48.4 percent, a decrease of
3.7 percentage points, which is the index’s lowest reading since September 2009
when the Employment Index registered 47.8 percent. The Prices Index registered
52.5 percent, reflecting a decrease of 2.5 percentage points. Comments from the
panel this month generally indicate that the second half of the year continues
to show a slowdown in demand; respondents also express concern over fiscal cliff
issue.”