FOREX TradingCharts.com

Financial News: U.S. Manufacturing Index Edges Down To Lowest Level

U.S. Manufacturing Index Edges Down To Lowest Level Since May 2020

01/04/2023 - 10:29:00 (RTTNews)

(RTTNews) - The Institute for Supply Management released a report on Wednesday showing U.S. manufacturing activity contracted at a slightly faster rate in the month of December.

The ISM said its manufacturing PMI edged down to 48.4 in December from 49.0 in November, with a reading below 50 indicating a contraction. Economists had expected the index to slip to 48.5.

Manufacturing activity contracted for the second consecutive month after expanding for 29 straight months, with the manufacturing PMI falling to its lowest level since hitting 43.5 in May 2020.

"The U.S. manufacturing sector again contracted, with the Manufacturing PMI at its lowest level since the coronavirus pandemic recovery began," said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

He added, "With Business Survey Committee panelists reporting softening new order rates over the previous seven months, the December composite index reading reflects companies' slowing their output."

The report said the new orders index fell to 45.2 in December from 47.2 in November, while the production index slid to 48.5 in December from 51.5 in November.

Meanwhile, the number of employees index climbed to 51.4 in December from 48.4 in November, indicating job growth in the manufacturing sector.

The ISM also said the prices index dropped to 39.4 in December from 43.0 in November, falling to its lowest reading since April 2020.

Paul Ashworth, Chief North America Economist at Capital Economics, called the decrease by the manufacturing PMI "another sign that the economy was losing momentum at the tail-end of last year."

"Nearly all the survey-based evidence points to a complete stagnation or even contraction in activity," Ashworth added.

On Friday, the ISM is scheduled to release a separate report on activity in the service sector in the month of December.

The services PMI is expected to slip to 55.0 in December from 56.5 in November, although a reading above 50 would still indicate growth.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Australia Retail Sales Sink 3.9% In December (03 hr(s), 16 min(s), 09 sec(s) ago)
(RTTNews) - The value of retail sales in Australia was down a seasonally adjusted 3.9 percent on m ...Full Story»

Australia Retail Sales Data Due On Monday (05 hr(s), 27 min(s), 09 sec(s) ago)
(RTTNews) - Australia will on Monday release Q4 numbers for retail sales, highlighting a light day ...Full Story»

U.S. Service Sector Activity Rebounds Much More Than Expected In January (12 hr(s), 32 min(s), 09 sec(s) ago)
(RTTNews) - After reporting a contraction in U.S. service sector activity in the previous month, t ...Full Story»

Brazil's Service Sector Loses Growth Momentum Amid Inflationary Pressures (13 hr(s), 14 min(s), 09 sec(s) ago)
(RTTNews) - Brazil's service sector expanded at the weakest pace in twenty months amid rising ...Full Story»

U.S. Job Growth Far Exceeds Expectations In January, Unemployment Rate Drops To 53-Year Low (13 hr(s), 36 min(s), 09 sec(s) ago)
(RTTNews) - Job growth in the U.S. unexpectedly showed a substantial acceleration in the month of ...Full Story»

Hong Kong Retail Sales Rebound In December (14 hr(s), 21 min(s), 09 sec(s) ago)
(RTTNews) - Hong Kong's retail sales value rose in December as the economic sentiment improved ...Full Story»

U.S. Employment Spikes Much More Than Expected In January (14 hr(s), 20 min(s), 09 sec(s) ago)
(RTTNews) - Job growth in the U.S. unexpectedly showed a substantial acceleration in the month of ...Full Story»

Recovery In Eurozone Private Sector Eases Fear Of Recession (14 hr(s), 42 min(s), 09 sec(s) ago)
(RTTNews) - Eurozone private sector moved into the expansion zone in January for the first time in ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Australia Retail Sales Sink 3.9% In December

02/05/2023 - 19:41 PM (RTTNews)
(RTTNews) - The value of retail sales in Australia was down a seasonally adjusted 3.9 percent on m ...Full Story>>

Australia Retail Sales Data Due On Monday

02/05/2023 - 17:30 PM (RTTNews)
(RTTNews) - Australia will on Monday release Q4 numbers for retail sales, highlighting a light day ...Full Story>>

U.S. Service Sector Activity Rebounds Much More Than Expected In January

02/03/2023 - 10:25 AM (RTTNews)
(RTTNews) - After reporting a contraction in U.S. service sector activity in the previous month, t ...Full Story>>

Brazil's Service Sector Loses Growth Momentum Amid Inflationary Pressures

02/03/2023 - 09:43 AM (RTTNews)
(RTTNews) - Brazil's service sector expanded at the weakest pace in twenty months amid rising ...Full Story>>

U.S. Job Growth Far Exceeds Expectations In January, Unemployment Rate Drops To 53-Year Low

02/03/2023 - 09:21 AM (RTTNews)
(RTTNews) - Job growth in the U.S. unexpectedly showed a substantial acceleration in the month of ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.