The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) in January was 46.9, a slight increase of 0.7 points from December 2022. Manufacturers reported a decrease in demand due to inflation and economic insecurity.
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. IHS Markit and S&P Global merged in 2022. See S&P Global
