US factory activity slows in November, inventory piling up amid softening demand

U.S. factory activity eased in November, with the manufacturing PMI slipping to 51.9 from 52.5 as tariffs pushed up costs and weakened demand. New orders slowed and inventories hit a record high, raising concerns about future output. Services activity strengthened, lifting the composite PMI to 54.8. Business confidence improved, but rising price pressures reduce chances of further rate cuts.