P.M. BRIEFING : Economy Weakens 2nd Month
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NEW YORK — The U.S. economy weakened for the second consecutive month in November, the National Assn. of Purchasing Management said today.
The purchasing managers’ index, which covers the manufacturing economy, fell to 41.3% from 43.4% in October, its lowest point since the trough of the previous recession in November, 1982.
The new orders index posted its fifth consecutive monthly decline, falling sharply to 39.4% from 43.8% in October and the lowest level since May, 1982.
A PMI level of below 50 indicates the manufacturing economy is in decline, while a reading below 44 indicates the entire economy is in decline. November was the second consecutive month in which the PMI was below 44.
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