It’s the latest economic indicator that demand remains subdued in the U.S. manufacturing sector.
Latest In ISM
Missing economists' expectations of an increase, the latest PMI reading indicated contraction for the 19th time in 20 months.
The industrial economy barometer has been in contraction territory for 18 of the past 19 months through May.
Mirroring the latest MDM Forecast, revenue forecasts from manufacturing respondent now expect low single-digit revenue growth.
It was a reversion from a March that had seen the first expansion-territory PMI since September 2022.
It followed a sizeable jump in January, reflecting broad weakened industrial demand.
Manufacturers across most industries expect revenue growth in the new year, according to a nationwide Institute for Supply Management survey.
For a second straight month, none of the PMI's 10 subindexes registered monthly expansion.
The Institute for Supply Management’s Spring Economic Forecast predicts revenue to increase and manufacturing to expand at slower pace.
The industrial manufacturing barometer fell another 1.2 points from October, continuing its year-long slide.
Indices for new orders and employment had solid month-to-month gains, while production, inventories and prices had notable declines.
It was the slowest expansion since June 2020 as prices took a major month-to-month decline while employment posted improvement.
Economic activity in the manufacturing sector grew in December, though the PMI dropped 2.4 points from November.
The overall economy grew again as the manufacturing PMI registered 61.1%, according to the Manufacturing ISM Report on Business.
The September Manufacturing PMI registered 61.1%%, an increase of 1.2 percentage points from the August reading of 59.9%.
