US: Markit Manufacturing PMI falls to 58.3 in November from 59.1 flash estimate

Joel Frank Independent Analyst

The final estimate of the IHS Markit Manufacturing PMI edged lower to 58.3 in November from the flash estimate of 59.1. That left it slightly below October's 58.4 reading.

According to Chris Williamson, Chief Business Economist at IHS Markit, “broad swathes of US manufacturing remain hamstrung by supply chain bottlenecks and difficulties filling staff vacancies". "Although November brought some signs of supply chain problems easing slightly to the lowest recorded for six months," he added, "widespread shortages of inputs meant production growth was again severely constrained to the extent that the survey is so far consistent with manufacturing acting as a drag on the economy during the fourth quarter."

Market Reaction

The dollar has not reacted to the latest Markit PMI numbers, but may be choppy after ISM releases their Manufacturing PMI survey at 1500GMT.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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