Global News
The outlook for the global economy deteriorated Thursday, with surveys showing manufacturing activity contracted at an accelerated pace in the euro zone and U.K. in November and shrank for the first time in nearly three years in China. But the U.S., where factory activity expanded, managed to buck the trend.
In U.S., the Institute for Supply Management’s manufacturing purchasing managers’ index increased to 52.7 in November from 50.8 in October. A reading above 50 indicates expanding activity. Economists surveyed by Dow Jones Newswires had expected the October PMI to increase to 52.0.
The ISM said that while respondents were concerned about the general economic environment, government regulations and European financial conditions, they “are cautiously more optimistic about the next few months based on lower raw materials pricing and favorable levels of new orders.”
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Source: Business World, December 1, 2011
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