U.S. Manufacturing Continues to Slide
U.S. manufacturing health continued to slide, despite the United States and China moving closer to a limited trade agreement.
The Institute for Supply Management’s (ISM) manufacturing Purchasing Managers’ Index (PMI) fell to 47.2 in December 2019. As shown in the LPL Chart of the Day, December’s reading was the lowest of the economic cycle, and its fifth straight month in contractionary territory (below 50).
Underlying details of the PMI report were also discouraging. ISM’s forward-looking gauge of new orders fell to a 10-year low, signaling weak demand may continue to weigh on m... Read more