U.S. manufacturing contracted for the ninth straight month in November, with factories facing slumping orders and higher prices for inputs as the drag from import tariffs persisted. The Institute for Supply Management survey on Monday also showed some manufacturers in the transportation equipment industry linking layoffs to President Donald Trump's sweeping duties, saying they were "starting to institute more permanent changes due to the tariff environment." They added "this includes reduction of staff, new guidance to shareholders and development of additional offshore manufacturing that would have otherwise been for U.S. export."

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"We can see no sign in this report of a surge in manufacturing in the United States since the tariff regime was unveiled last spring," said Carl Weinberg, chief economist at High Frequency Economics. "The manufacturing sector is sick."