US Factory Activity

The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April

By Lucia Mutikani

US manufacturing activity slowed in November, with new orders retreating from their highest level in nearly 17 years, as a resurgence in Covid-19 cases across the nation kept workers at home

Oil also drew support from signs that talks between the White House and Democrats in Congress on a new coronavirus relief package are making progress, although the sides remain far apart

The outburst followed the release of the Institute for Supply Management's factory index, which slipped to its lowest level since June 2009

The survey's production sub-index fell 1.0 point to a reading of 61.0 in March. A gauge of new orders dropped to 61.9 last month from 64.2 in February

Manufacturing is likely to get a boost this year from a $1.5 trillion tax cut approved by the Republican-controlled US Congress last month