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Economic activity in the US manufacturing sector contracted in December for the ninth consecutive month and the 25th time in the last 26 months, according to the latest Manufacturing ISM Report On Business. The Manufacturing PMI registered 49.3 percent in December, 0.9 percentage points higher compared with November’s 48.4 percent. The overall economy continued in expansion for the 56th month after one month of contraction in April 2020.
Manufacturing demand showed signs of improvement while output stabilized. 52 percent of manufacturing gross domestic product (GDP) contracted in December, down from 66 percent in November.
The New Orders Index continued in expansion territory for the second month after seven months of contraction, rising 2.1 percentage points to 52.5 percent. The Backlog of Orders Index registered 45.9 percent, up 4.1 percentage points compared with the 41.8 percent recorded in November. The December reading of the Production Index (50.3 percent) is 3.5 percentage points higher than November’s figure of 46.8 percent, reflecting a return to expansion after six months of contraction.
The Prices Index continued to increase—up 2.2 percentage points to 52.5 percent. The Employment Index registered 45.3 percent, down 2.8 percentage points from November’s figure of 48.1 percent.
The Supplier Deliveries Index indicated marginally slower deliveries, up 1.4 percentage points to 50.1 percent. The Inventories Index was up 0.3 percentage points to 48.4 percent.