U.S. manufacturing cools, but underlying momentum remains

U.S. factory activity moderated in November, but sustained gains in new orders and a rebound in exports suggested the economy remained on a firmer footing despite slowing global growth.

The Institute for Supply Management (ISM) said on Monday its index of national factory activity fell to 58.7 last month as the pace of restocking slowed. The index had touched a 3-1/2-year high of 59 in October.

A reading above 50 indicates expansion in the nation's manufacturing sector.

"The world economy may be faltering, but that is not stopping the U.S. economy from improving," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania...(full article)

BY LUCIA MUTIKANI, WASHINGTON, Mon Dec 1, 2014 12:44pm EST