- The US ISM manufacturing PMI dipped slightly in December.
- The DXY Dollar Index recovers from its daily lows and remains above 104.00.
Business activity in the US manufacturing sector contracted for the second month in a row in December, with the ISM manufacturing PMI falling to 48.4 points since November 49. This reading came in slightly below market expectations, which had expected a drop to 48.5.
Other data from the publication revealed that the Prices Paid Index plummeted to 39.4 since 43 and the Employment Index improved to 51.4 from 48.4.
Commenting on the survey results, “manufacturing contracted again in December after 29 consecutive months of expansionsaid Timothy R. Fiore, President of the Institute for Supply Management.
“The panelists’ companies continue to judiciously manage hiring. Supplier deliveries month-on-month performance was the best since March 2009“, added Fiore. “Management of the number of employees and the total inventories of the supply chain continue to be primary objectives as the sector closes the year. More attention will be paid to demand going into the first quarter to shore up order books for the next six to twelve months.”
Market reaction
The DXY Dollar Index rose in initial reaction and is now down 0.45% on the day, trading at 104.22.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
