Overview
- The ISM manufacturing PMI fell to 48.2 in November, marking a ninth consecutive month in contraction.
- The ISM survey’s employment gauge dropped to 44%, indicating softer factory hiring heading into year-end.
- ADP reported private employers shed 32,000 jobs in November, underscoring broader labor softness affecting manufacturers.
- BLS data show factory employment fell by 6,000 in October, bringing manufacturing job losses since April’s tariff actions to about 59,000.
- Surveyed manufacturers linked tariffs to staff reductions and added offshoring, with a new 25% duty on medium- and heavy-duty trucks and parts taking effect Nov. 1 and multilateral and Fed reports warning of lagged effects.