This report is released every month and is divided into two parts, manufacturing and non-manufacturing. Non-manufacturing is frequently referred to as the service sector of our economy.
We are a service sector dominate economy. On Monday, the manufacturing sector for November came in with a reading of 48.1%, falling for the fourth month in a row. More importantly the number is below 50% which is the break point between growth and shrinking. It appears our manufacturing sector is in a recession.
The service sector number came in this morning at 53.9% from 54.7%. It has held up much better but it is still falling from the 60s. These numbers and others are painting a picture of a slowing economy but one that may be stabilizing at a slower growth pace.