U.S. ISM manufacturing index slid -1.8 points to 57.5 in November

U.S. ISM manufacturing index slid -1.8 points to 57.5 in November, exactly as expected, giving back about half of the 3.9 point bounce to 59.3 in October. The index has held above the 50 expansion/contraction line since June and has recovered from the record low of 41.5 in April. It was at 48.1 last November. The employment component dropped -4.8 ticks to 48.4, falling back into contraction after rising to 53.2 in October which was the first time over 50 since July 2019. New orders slid -2.8 points to 65.1 from 67.9 and has been over 60 since July. The production gauge declined to 60.8 from 63.0. New export orders rose to 57.8 from 55.7. Imports dropped to 55.1 from 58.1. Prices paid were little changed at 65.4 from 65.5 and has basically doubled from the 35.3 in April which is just off the all-time nadir of 33.9 from December 2015.