US manufacturing sector weakens on easing demand: Survey

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US manufacturing sector weakens on easing demand: Survey
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WASHINGTON: US manufacturing activity contracted for a second month in December, remaining at the lowest levels since May 2020 as new orders and production slipped, survey data showed on Wednesday (Jan 4). The world's biggest economy has been squeezed by decades-high inflation, prompting the central bank t

WASHINGTON: US manufacturing activity contracted for a second month in December, remaining at the lowest levels since May 2020 as new orders and production slipped, survey data showed on Wednesday .

The Institute for Supply Management's manufacturing index dipped 0.6 points to 48.4 per cent in December, according to data released Wednesday. The latest reading"offers more evidence that the days of heady growth are behind us," said economist Oren Klachkin of Oxford Economics, adding that a pandemic-driven hot streak in manufacturing ends this year.

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