US manufacturing industry declines to 31-month decrease this month


(MENAFN) The US manufacturing industry declined this month to its worst rate in almost 2 years and a half, as shown in a report issued Friday by S&P Global.

The purchasing managers' index (PMI), which indicates the action of directors in the industrial industry, dropped 1.2 points to 46.2, falling from 47.4 last month, in line with quick estimates by the economics services firm.

The anticipation for manufacturing PMI was for it to come in standing at 47.7.

While an evaluation higher than 50 shows growth in the industry, while on the other hand, under 50 indicates reduction.

"US private sector firms signaled a further decline in output during December," as stated in the report.

"The downturn gathered pace, as business activity fell at the joint-sharpest rate since May 2020. Manufacturers and service providers alike registered steeper decreases in output, as weaker demand conditions, inflation and hikes in interest rates dampened activity levels," it also mentioned.

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