Gauge of prices falls to lowest in more than 2 years
NEW YORK (Reuters) — The pace of growth in the U.S. manufacturing sector slowed less than expected in November, while a gauge of prices paid fell to its lowest in over two years, according to an industry report released on Monday.
The Institute for Supply Management (ISM) said its index of national factory activity fell to 58.7 from 59 the month before. The reading topped expectations of 57.8, however, according to a Reuters poll of economists.
A reading above 50 indicates expansion in the manufacturing sector.
The gauge of prices paid fell to 44.5 from 53.5, marking the lowest level since July 2012 and the first reading below 50 since July 2013. That compared with economists' expectations for a drop to just 52, according to a Reuters poll.
The employment gauge slipped to 54.9 from 55.5. The new orders index, meanwhile, rose to 66 from 65.8 to mark the highest level since August.