(CercleFinance.com) – Activity contracted in the manufacturing sector in the United States in November, a first since the summer of 2020, show the final results of the monthly Markit survey published on Thursday.
The manufacturing PMI index came out at 47.7 last month, against 50.4 in October and in line with the first estimate (‘flash’) of 47.6, below the 50 point mark which separates growth and contraction from the activity.
“The combination of the rising cost of living, rising interest rates and growing fears of a recession has led to a collapse in demand, both domestically and internationally,” says Chris Williamson, the chief economist of S&P Global Market and author of the survey.
“As a result, companies are reducing their production at an unprecedented rate since the financial crisis, with the exception of the first confinements linked to the epidemic,” he adds.
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