US manufacturing PMIs increase in November

The Institute for Supply Management's manufacturing purchasing managers index increased to 48.4 in November, up from 46.5 in October and ahead of forecasts of 47.5.

New orders increased for the first month in seven in November, while price pressures eased and production, employment and inventories contracted less than in previous months.

"Demand remains weak, as companies prepare plans for 2025 with the benefit of the election cycle ending. Production execution eased in November, consistent with demand sluggishness and weak backlogs. Suppliers continue to have capacity, with lead times improving but some product shortages reappearing", said Timothy Fiore of the ISM.

Elsewhere, S&P Global's manufacturing PMI was upwardly revised to 49.7 in November from a preliminary reading of 48.8 and October's print of 48.5. The rate of decline in new orders slowed sharply, while increased confidence around the future encouraged US firms to take on additional staff throughout the month.

Reporting by Iain Gilbert at Sharecast.com