The American manufacturing sector fell deeper into recession last month, according to the latest factory data.
December saw manufacturing slow to its slowest pace since the start of the pandemic, as demand remained low and production began to weakened, according to data from the Manufacturing ISM Report On Business® and the S&P Global U.S. Manufacturing PMI report. The S&P’s manufacturing index fell to 46.2 in December from 47.7 in November, for its lowest reading since May 2020, when most of the country was in lockdown and remains unchanged from the preliminary reading.
Meanwhile, ISM’s report saw factory activity drop from 49.0 in November to 48.4 last month. Any reading below 50.0 indicates a contraction in that sector….