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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the U.S. on Monday. The U.S. preliminary manufacturing purchasing managers' index (PMI) dropped to 52.6 in November from 54.1 in October, missing expectations for a decline to 53.9. It was the lowest level since October 2013.
A reading above 50 indicates expansion in economic activity.
The decline was partly driven by a slower pace of expansion in output, new orders and employment.
"November's flash PMI survey indicates that the manufacturing sector lost some growth momentum after the nice pick up seen in October, but still suggests the goods producing sector is expanding at a robust pace which should help support wider economic growth in the fourth quarter," Markit Chief Economist Chris Williamson.
"With the survey continuing to show modest growth, and any weakness linked to the global economy rather than a deterioration in domestic demand, there seems little in the survey results to throw up any roadblocks to a Fed that seems intent on hiking interest rates in December," he added.
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