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US manufacturing performance declines at sharper pace as demand conditions weaken
The US manufacturing sector slipped further into contraction during December, according to the latest PMI® survey data from S&P Global, as output returned to decline and the downturn in new orders gathered pace. Lower total new sales reflected weakness in both domestic and external demand conditions, with firms adjusting down their input buying and hiring activity accordingly. Signs of greater spare capacity were seen through a faster fall in backlogs and destocking, with firms also seeking to better manage cashflow. Nonetheless, business confidence picked up to a three-month high. Inflationary pressures ... (full story)