The latest numbers from the U.S. Institute for Supply Management Index came in weaker than expected this morning, torpedoing early market gains. The ISM recorded a 49.2 reading for November, says BMO Nesbitt Burns. That’s up from 48.5 in October, but economists were hoping it would rise to 51, above the key 50 level.

Inventories rose slightly, to 42.1, last month. “The modest increase could signal that firms are tentatively beginning to restock the shelves,” says BMO. “However, the big disappointment in the latest report was the new orders index, which dipped back below the 50 level to 49.9.” And the export measure fell 5.3 points to 49.1, its lowest reading of the year.

“It is very unlikely that U.S. manufacturing, weighed down by the strong U.S. dollar and slow global growth, will lead the pickup in activity. So, from that perspective, today’s figures do not derail the brightening outlook,” says BMO. “Nonetheless, they warn us not to get too rambunctious. There is no U.S. economic boom in sight.”