In November, the American manufacturing sector recorded its ninth consecutive contraction, according to data published by the Institute for Supply Management (ISM), with a PMI index that fell to 48.2, below the threshold of 50 that indicates expansion.

Economists had anticipated a return to 49.0, but the contraction was influenced by a decrease in orders and higher material costs, as well as the pressure of import tariffs. The Federal Reserve's Beige Book report indicated a sharp decline in consumption, with the tariffs imposed by the Trump administration continuing to affect production. Additionally, the sub-index for new orders dropped to 47.4, and the sector continued to reduce staff, with an employment index in the industry contracting for the tenth consecutive month. Despite these challenges, some regions reported modest improvements, but uncertainty regarding tariffs remains a significant obstacle.