According to a recent SIA report, November recorded a contraction in manufacturing activity, highlighting a change to 49% compared to 50.2% in October. Overall the US Economy continues to expand at a very slight rate.
This survey was based on the responses of executives within the manufacturing industry. Trends among their responses showed an increase in mentioning layoffs, retirement and backfill issues.
However, mention of turnover rates in survey responses has remained the same since September. As the Federal Reserve signals reductions in interest rates hikes in the coming months, SIA holds hopeful the US Economy will remain steady and the Fed can bring it in for a soft landing.
To view the full report, click here.
The article Manufacturing Sector Contracts in November PMI at Lowest Level Since Recovery Began first appeared on staffingindustry.com