Economic activity in the American manufacturing sector contracted in December for the ninth consecutive month and the 25th time in the last 26 months, according to a survey of the nation’s supply executives.
The findings have been published in the latest Institute for Supply Management’s Report On Business, the key component of which is the purchase managers’ index, or PMI. The report was issued by Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee.
The Manufacturing PMI registered 49.3 percent in December, 0.9 percentage point higher compared to the 48.4 percent recorded in November. The overall economy continued in expansion for the 56th month after one month of contraction in April 2020. [Read more…] about US manufacturing sector shrinks for 25th time in 26 months