Economic activity in the U.S. manufacturing slowed further in November, the Institute for Supply Management reported today. The institute's key purchasing managers' index for manufacturing had a reading of 36.2 in November, down from 38.9 in October. Readings of more than 50 indicate expansion.

"When comparing November to October, the [key purchasing managers' index] indicates a continuing rapid rate of contraction in manufacturing," said Norbert Ore, chair of the institute's manufacturing business survey committee. "New orders have contracted for 12 consecutive months, and are at the lowest level since June 1980."