Manufacturing is down to end 2023

Manufacturing output finished 2023 with a mild uptick in December while remaining collectively below its benchmark reading for growth, in 2023, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).

The report’s benchmark metric, the PMI, came in at 47.4 (a reading of 50 or higher indicates growth), up 0.7% over November’s 46.7, contracting, at a slower rate, for the 14th consecutive month. The past 14 months of contraction were preceded by a stretch of 28 consecutive months of growth. ISM also said that the overall economy contracted in December, at a slower rate, for the third consecutive month, which was preceded by 30 consecutive months of growth.

The December PMI is 0.3% above the 12-month average of 47.1, with September 2023 marking the high for that period, at 49.0, and June 2023, at 46.0, marking the lowest.

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