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Economic activity in the manufacturing sector contracted in November following two months of modest expansion, according to the purchasing managers index for manufacturing released today by Institute for Supply Management. The index fell to a reading of 49.5 in November from a reading of 51.7 in October. Readings above 50 indicate growth.
The employment portion of the index also switched to contraction from growth by dropping to a reading of 48.4 in November from 52.1 in October.