The U.S. manufacturing sector continued to expand in December but its growth rate hit an 11-month low, an industry report showed on Tuesday.
Financial data firm Markit said its preliminary or “flash” U.S. Manufacturing Purchasing Managers Index fell to 53.7 in December, matching the 2014 January low when severe weather impacted economic activity.
Economists polled by Reuters had expected the December reading at 55.2, which compares to November’s 54.8 final reading.
A reading above 50 signals expansion in economic activity.
The December output subindex fell to 54.7, also the lowest since January, from last month’s 55.6 final reading.
The employment subindex dipped to 52.8 from 55.1. It was the lowest since July but also the 18th straight month of readings indicating growth in jobs.
via Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.