The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) was 47.9 in December 2023, decreasing 1.5 points from November. Manufacturers reported a steep drop in new orders, causing a reduction in output.
The PMI index comprises five sub-indices tracking changes in new orders, output, employment, suppliers’ delivery times, and stocks of raw materials. A reading above 50 indicates growth, while below represents a contraction. See S&P Global
