The U.S. manufacturing sector expanded for the 16th consecutive month in November, according to the Institute for Supply Management’s report on business released Wednesday.
The ISM index dipped less than economists predicted, falling to 56.6 in November from 56.9 in October. Economists polled by Thomson Reuters predicted a reading of 56.2.
“The ISM index suggests that manufacturing moderated slightly, but continued to expand in November,” Diane Swonk, chief economist at Mesirow Financial, said in a research note. “Firms may finally be loosening their purse strings and moving forward on larger capital projects.”
