Why manufacturing jobs are coming back to the US
Reshoring Initiative founder Harry Moser provides insight on the manufacturing job growth on ‘Making Money with Charles Payne.’
U.S. manufacturing activity contracted in November for the first time since the early days of the COVID-19 pandemic as steeper borrowing costs weighed on demand for goods.
The Institute for Supply Management said on Thursday that its gauge measuring factory activity fell to 49 from 50.2 in October. It marks the first contraction and the weakest reading since May 2020.
Readings above 50 represent expansion in the manufacturing sector – which accounts for about 11.3% of the U.S. economy – while readings below 50 represent contraction.
"The November composite index reading reflects companies’ preparing for future lower output," Timothy Fiore, chair of ISM’s Manufacturing Business Survey Committee, said in a statement.
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