WASHINGTON — U.S. factories were slightly less busy in November, as production and hiring slowed, though the level of activity remained strong.
The Institute for Supply Management, a trade group of purchasing managers, says its manufacturing index slipped to 58.7 last month from 59 in October. Any reading above 50 signals expansion. October's figure matched a three-year high reached in August.
Manufacturing has been a key driver of growth this year, as Americans have ramped up their purchases of autos and electronics.
A measure of new orders rose, a sign that output will likely continue to rise. A gauge of hiring dipped, but still pointed to solid job gains among manufacturing firms.
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