"U.S. Manufacturing Slump Persists in December Despite Hopes of Revival"

The December 2023 Manufacturing ISM® Report On Business® indicates that the U.S. manufacturing sector contracted for the 14th consecutive month, with the Manufacturing PMI® at 47.4%, slightly up from November's 46.7%. Key findings show new orders and backlogs contracting, while production slightly expanded. Employment contracted, supplier deliveries were faster, and raw materials inventories shrank. Customers' inventories were reported as too low, and both prices and exports and imports were decreasing. The only industry reporting growth was Primary Metals, with 16 others contracting. The overall economy continued to contract for the third month, suggesting a cautious outlook for manufacturing heading into 2024.