Today, the Institute for Supply Management released their latest Report on Business for the manufacturing sector indicating that manufacturing activity weakened in December with nearly all components now indicating contraction.
At 48.2 the purchasing manager’s composite index (PMI) declined 0.82% from November and falling 12.52% below the level seen a year earlier giving a solid indication of contraction for manufacturing.
Further, the Imports Index declined to recessionary levels, Customer Inventories have mounted indicating notable inventory build while the prices index slid to the lowest level since April 2009.
