Afternoon Coffee: ISM PMI Hits 6-Year Low, Construction Spending Rises

Cup Filled With Coffee Beans

The U.S. manufacturing sector contracted in November, reaching its lowest levels since June 2009. The Institute for Supply Management’s November PMI registered 48.6%, down from 50.1% in October. It is also the first time the index reached below 50 since November 2012.

Construction spending in the U.S. during October reached its highest level in nearly 8 years, however. Spending in the sector hit more than $1.1 trillion, a 1% jump from September and an increase of 13% from October 2014.

Businesses invested less in the third quarter, according to the latest data from the Commerce Department. U.S. business investment rose 2.2% in the three-month period, what The Wall Street Journal called the “one of the worse performances of the six-year-old economic expansion.”

Auto sales are increasing, with forecasts for November overall sales topping 18 million. Incentives like zero percent financing and other end-of-the-year promotions helped U.S. auto sales increase last month.

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