From this table, we could tell that the November PMI was being supported by new export orders but the overall new orders still declined. This meant that the local consumer demand had deteriorated significantly due to the high inflation. Many of the subcomponents of the PMI index had continued to worsen. Thus, the ISM PMI will continue to fall unless there is a reversal in consumer spending which won't happen soon.
ISM PMI line chart 2022
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