US Manufacturing Ends 2023 on a Low Note, December PMI at 47.9, Highlighting Contraction, Inflation, and Job Cuts

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US Manufacturing Sector Slump Accelerates In December: Orders Down, Prices Up

See also  Inflation falls to 2.9%, lower than expectations.‬ Consumer price growth has slowed to its lowest levels in the post-pandemic period.‬ ‪The first interest rate cuts since 2020 should come in September.‬

US Manufacturing saw only two months in 2023 that were not in contraction and ended on a decidedly poor note with the final December print dropping to 47.9 (from 48.2 flash and 49.4 prior).

See also  Inflation slowed to 2.9% in July but remains higher than under Trump.

Source: Bloomberg

Across the board it was ugly with:

  • Renewed contraction in output as orders fall at sharper pace
  • Rates of inflation pick up
  • Joint-fastest drop in employment since June 2020
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