Reported 25 days ago
The Manufacturing Purchasing Managers' Index (PMI) has fallen to 46.5, indicating the lowest manufacturing activity level for 2024, according to the Institute for Supply Management (ISM). This decline reflects a 26-month contraction driven by a lack of new orders and diminished demand. ISM chair Tim Fiore emphasizes that the manufacturing sector is facing significant challenges, with the order book exhausted and output measures like production and employment declining as a result. Despite some unexpected elements, including the impact of recent hurricanes, the overarching trend points to ongoing economic uncertainty.
Source: YAHOO