The ISM reports that manufacturing output in November shows an increase but does not meet growth expectations.

November continued the trend of manufacturing contraction, albeit at a slower pace than October, with the PMI rising to 48.4 from 46.5. This marks the eighth consecutive month of contraction, with growth occurring in three sectors: Food, Beverage & Tobacco Products; Computer & Electronic Products; and Electrical Equipment, Appliances & Components. Key indicators showed mixed results, with new orders increasing after a long decline, while production and employment also saw slight improvements. Optimism for 2025 is growing, with expectations of a more favorable business environment and increased demand, despite ongoing challenges in backlog and inventory management.