A reading below 50 indicates that one-fifth of the economy is shrinking. Norbert Ore, head of the NAPM's survey committee said manufacturers were feeling the slowdown more acutely than others in the economy, and predicted there are few rays of hope for the months ahead. New orders, which have failed to grow since June, stood at 48.4 in November compared with 48.0 in October while new export orders stood at 48.7 in November, up modestly from October's 48.3. The NAPM's Prices Index rose to 56.6 from 56.5 in October, showing that in November manufacturers still had to cope with higher prices for what goes into their products, possibly suggesting that inflationary pressures were building even as the economy is slowing. Durable goods orders fall.
Consumer confidence falls.
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