New figures show that the US manufacturing sector expanded for a fourth month running in November but at a slower pace than expected.
The Institute for Supply Management said its manufacturing index fell to 53.6 from 55.7 in October. The slowdown was sharper than the average analyst forecast of 55. Any figure above 50 means activity grew.
'While the rate of growth slowed when compared to October, the signs are still encouraging for continuing growth as both new orders and production are still at very positive levels,' said Norbert Ore of the ISM.
The monthly ISM survey found that new orders rose 1.8% in November, but there was slower growth in production and employment.
