The ISM report showed that U.S. manufacturing moved closer to recovery in December. Production rebounded and new orders rose. Manufacturing PMI increased to 49.3 last month, the highest reading since March, from 48.4 in November. On the other hand, the S&P Global US Manufacturing PMI™ fell to 49.4 in December from 49.7 in November, its sixth consecutive month of worsening conditions in the manufacturing sector. Importantly, both measures are still below 50, the level separating contraction and expansion.
The U.S. manufacturing sector accounts for 10.3% of the economy. New orders expanded, per the ISM survey’s forward-looking sub-index, the first expansion since March. Production at factories rebounded after contracting for months. However, the S&P survey showed a sharp reduction in new orders.
Both prints are typically released about the same day each month and can sometimes yield very different results. The coverage between the two indexes differs: the ISM surveys, in theory, collectively cover the overall U.S. economy, whereas the S&P Global surveys cover approximately 70 percent. However, ISM surveys are based on data compiled from purchasing and supply executives” whereas S&P Global PMI data are based on a broader spectrum of job titles.
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