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

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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