The seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index fell in November to 49.4.
The fall in total new orders was focused on the domestic market as new export sales returned to growth for the first time since May 2022 in November. Inventories continued to be run down and input buying stagnated. This has, in turn, meant fewer costs are being passed on to the consumer and has caused selling prices to moderate. Nonetheless, manufacturers continued to work through their current holdings of finished goods and purchases in a bid to cut costs. Notably, the price of natural gas has decreased by around 40% as compared to the same period last year. The price for lumber and plywood also decreased by approximately 11% while ready-mix concrete’s price increased by just over 9% from Q4 of 2022. Meanwhile, concrete pipe and construction machinery and equipment prices have also risen by more than 5%.