US manufacturing sector downturn eases in January

Wednesday, 01. February 2023 15:46

United States Manufacturing Purchasing Managers' Index (PMI) stood at 46.9 in January, increasing by 0.1 index points compared to the preliminary figure and rising by 0.7 index points from the previous month's number, according to the report published by S&P Global on Wednesday.

New orders dropped as a result of weaker domestic sales and exports. In addition, input costs and selling prices increased and new hiring decelerated. However, optimism about the future of the sector rose, especially concerning demand, the supply chain situation and new investments.

"Production has now fallen for three successive months, signaling a sharp fall in output which is now becoming increasingly evident in the official statistics and suggesting that the manufacturing sector has become a major drag on GDP," S&P Global Market Intelligence Chief Business Economist Chris Williamson warned.

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