The Metalworking Index for November closed at 47.3, down over two points versus October’s short-lived reprieve of nearly ‘flat’ (49.6). New orders and backlog activity contracted faster in November, with backlog contracting the most as ‘old’ orders were fulfilled. With new orders activity contracting faster in November, production activity started contracting for the first time in over two years.Employment expansion slowed again in November, but to a lesser degree than most directly previous months. Supplier deliveries continued to lengthen at slower rates, suggesting supply chain issues are less impactful. Export activity contracted at about the same rate it has for three months.