According to a survey compiled by the Institute of Supply Management, the US manufacturing PMI. it fell to 58.7 in December from 61.1 in November. That was lower than the expected reading of 60.0 and was the lowest reading since January 2021, when it also hit 58.7.
In terms of the sub-indices, in a good omen for the official December labor market report on Friday, the employment sub-index rose to 54.2 from 53.3, which is its highest reading since April 2021. The new orders index fell slightly to 60.4 from 61.5 in November. Subscript prices paid, in a sign of easing supply chain hurdles, fell to 68.2 from 82.4. That marked the lowest price paid index reading since November 2020 and was the biggest month-on-month drop in the index since March 2020.
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