US manufacturing firms signalled a renewed deterioration in operating conditions in November, according to the latest PMITM data from S&P Global. The downturn was the sharpest since May 2020, and driven by declines in output and new orders. Demand conditions weakened in domestic and external markets, as new export orders fell further. Employment growth slowed as pressure on capacity dwindled and backlogs of work contracted strongly. On a more positive note, supply chains improved for the first time since October 2019, with price pressures softening as a result of reduced demand for inputs from firms. Input costs rose ... (full story)