Manufacturing in the U.S. has dipped to a five-year low.
The Institute for Supply Management’s manufacturing index dropped to 47.7, the lowest reading since April 2003, from 50.8 the prior month. A reading above 50 indicates expansion, while below 50 signifies contraction.
Manufacturing has been negatively affected by the housing recession, which has impacted building-related industries, credit availability and consumer and business spending.
However, the Commerce Department reports that spending on U.S. construction projects rose 0.1 percent during November. The increase followed a 0.4 percent drop in October.