Investing.com - Manufacturing activity in the U.S. expanded at a faster rate than expected in November, easing concerns over the health of the economy, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 58.7 last month from a reading of 59.0 in October. Analysts had expected the manufacturing PMI to decline to 57.9 in November.
The New Orders Index registered 66.0, an increase of 0.2 points from 65.8 in October.
The Employment Index grew for the 17th consecutive month, registering 54.9, a decrease of 0.6 points below October's reading of 55.5.
The Prices Index registered 44.5, down 9.0 points from the October reading of 53.5, indicating lower raw materials prices in November relative to October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Comments from the panel are upbeat about strong demand and new orders, with some expressing concerns about West Coast port slowdowns and the threat of a potential dock strike.
EUR/USD was trading at 1.2498 from around 1.2501 ahead of the release of the data, GBP/USD was at 1.5756 from 1.5754 earlier, while USD/JPY traded at 117.94 compared to 117.90 earlier.
Meanwhile, U.S. equity markets remained lower. The Dow 30 fell 0.5%, the S&P 500 declined 0.65%, while the Nasdaq 100 tumbled 0.9%.
Elsewhere, in the commodities market, gold futures traded at $1,194.90 a troy ounce, compared to $1,195.20 ahead of the data, while crude oil traded at $67.37 a barrel from $67.37 earlier.