January 6, 2023
The S&P Global Flash Composite Purchasing Managers’ Index (PMI) in the US dropped from November’s reading of 46.4 to 44.6 in December. As a result, the indicator declined even lower below the no-change threshold of 50.0, indicating that the operating circumstances for the private sector have gotten much worse since the previous month.
The services PMI activity index dropped to 44.4 in December, while the manufacturing PMI registered a reading of 46.2, down from November’s reading of 47.7. (November: 46.2). New export orders also decreased, albeit at a slower rate than in November, while new orders in the private sector as a whole declined at the steepest rate since May 2020. In December, there was a decrease in input and output price inflation, but employment growth was very modest and business confidence was negative by historical norms.
Source: Reuters
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