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US Dec manufacturing index at lowest level since June 2009

by ChemOrbis Editorial Team -
  • 05/01/2016 (11:45)
According to data reported by the Institute of Supply Management (ISM), an index of US manufacturing activity posted its lowest level seen since June 2009 in December. The Institute’s manufacturing index fell to a reading of 48.2 in December from November’s reading of 48.6. Any reading below 50 indicates a contraction. ISM’s December reading also fell below initial estimates, which called for a reading of 49 in a survey by Bloomberg.

The ongoing weakness in the country’s manufacturing sector stemmed from a strong dollar, lower exports and shrinking demand by energy producers due to plunging oil prices.

An index of new orders, however, slightly climbed to a reading of 49.2 from 48.9 in November while an export index showed an uptick for the first time in eight months in December. The index rose to a reading of 51 from 47.5 in November. However, imports dropped at the fastest pace in more than nine years. ISM’s latest index also showed that a gauge of factory inventories contracted at a slower pace in December, rising to 43.5 from 43 in November while the employment index fell to a reading of 48.1 in December from 51.3 in the previous month.
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