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

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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).

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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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