The U.S. manufacturing sector shrank in November for the first time since 2020 as higher interest rates sapped demand for goods, according to an ISM survey.
Workers lower an R1T truck body onto a chassis in the assembly line, April 11, 2022, at the Rivian electric vehicle plant in Normal, Illinois.
The gauge comes amid growing fears that the Federal Reserve will trigger a recession as it embarks on the fastest tightening course since the 1980s in order to crush inflation. So far this year, the Fed has raised its benchmark federal funds rate from near zero to a 3.75% to 4% range, well into restrictive territory.said on Wednesday that the U.S. central bank could reduce the size of its interest rate hikes "as soon as December," but stressed there is more work to do to cool inflation that is still running near a 40-year high.
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