US: S&P Global manufacturing PMI falls to 47.6 in November vs. 50 expected

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  • The US S&P Global Manufacturing PMI dipped below 50 in early November.
  • The Dollar Index extended its daily slide after the data.

Business activity in the US manufacturing sector contracted in early November and the S&P Global manufacturing PMI fell to 47.6 from October’s 50.4. This reading was weaker than the market expectation of 50.

The decrease in the main data was contributed to by a further drop in production and a sharper decline in new orders“, explained S&P Global in its publication.

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Commenting on the survey, “in this environment, inflationary pressures should continue to cool in the coming months, potentially significantly, but in the meantime the economy continues to head into a probable recessionsaid Chris Williamson, chief business economist at S&P Global Market Intelligence.

Source: Fx Street

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