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US Manufacturing Sector Weakens Further to End 2022

Started by Epoch-Times-Bot, Jan 03, 2023, 01:45 PM

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Epoch-Times-Bot

Jan 03, 2023, 01:45 PM
US Manufacturing Sector Weakens Further to End 2022

The U.S. manufacturing sector weakened further to finish 2022 amid falling output and client demand, supporting widespread recession fears.
In December, the S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) (pdf) tumbled to 46.2, down from 47.7 in November; anything below 50 indicates contraction. This matched Trading Economics’ expectations of 46.2.
It represented the largest monthly contraction in factory activity since May 2020, driven by slowing domestic client demand from inflationary pressures and economic uncertainty. Purchasing activity declined, while work order backlogs dropped sharply. Employment levels edged up slightly.
According to the PMI report, foreign demand trended lower on a stronger U.S. dollar and global economic concerns. As a result, new export orders eased at the slowest rate since September....

Source: US Manufacturing Sector Weakens Further to End 2022

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