American manufacturing contracted in November
According to the Wall Street Journal, American manufacturing shrank in November "for the first time in three months as factories throttled back hiring and investment amid uncertainty about the U.S. economy and budget policies."
The newspaper also reports:
Employment in the manufacturing sector contracted for the first time in three years, while a measure of inventories—a gauge of future demand—dropped sharply to 45 from 50, suggesting firms are delaying hiring and keeping stockpiles low. Production surged, but order backlogs fell, a sign that businesses are exhausting old orders rather than receiving new ones. New orders and exports also dropped.
Read more here.
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