US, Global Manufacturing Ended 2023 on ‘Sour Note’: S&P Global

Published on January 3, 2024

U.S. manufacturing activity finished the year on a “sour note” as employment losses and renewed inflationary pressures deteriorated factory conditions, said S&P Global Market Intelligence. In December, the S&P Global Manufacturing Purchasing Managers’ Index (PMI) was adjusted lower to 47.9, down from the initial estimate of 48.2 and the 49.4 reading in November; anything below 50 indicates contraction. Over the last year, the manufacturing industry was stuck in recession territory for 10 months. In December, domestic output slumped at the fastest pace in six months. Several negative developments, including a reduction in payrolls for the third consecutive month, upward inflationary pressures, and a decline in new orders, fueled this slide. However, business confidence rose to its highest level in three months....

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