Following weak manufacturing data from Russia, China, and India, the Institute for Supply Management announced that US manufacturing measured by its PMI dropped sharply in December to 32.4 from 36.2 in November.
New orders dropped more sharply to 22.7, down 5.2 points.
The weakest sectors included textiles, paper products, transportation equipment, computer products, and chemical.
Only a few commodities rose in price–aluminum, copper, and steel.
The organization’s comments on employment were depressing. "ISM’s Employment Index registered 29.9 percent in December, which is a decrease of 4.3 percentage points when compared to the 34.2 percent reported in November. This is the lowest reading for the Employment Index since November 1982 when the index registered 28.2 percent."
Douglas A. McIntyre
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