US manufacturing activity contracts for the first time in November after May 2020

The Institute of Supply Management (ISM) report shows that November has been a new low in the manufacturing sector as trends show that overall production has decreased. This is the first time after May 2020 that the manufacturing industry has shown a downward trend. It is currently at 49%, a few notches down since October at 50.2%, but still high compared to the lowest hit in May 2020 at 43.5%. ISM gives the overall scenario of the US economy.