US ISM Manufacturing PMI dropped from 49.0 to 48.4 in December, below expectation of 48.6. That’s the lowest level since Mary 2020. Looking at some details, new orders dropped from 47.2 to 45.2. Production dropped from 51.5 to 48.4. Employment rose from 48.4 to 51.4. Prices dropped from 43.0 to 39.4.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for December (48.4 percent) corresponds to a 0.1-percent decrease in real gross domestic product (GDP) on an annualized basis”.
