Column-U.S. Manufacturing Has Probably Entered Recession: Kemp – By John Kemp (IB Times) / Jan 19, 2023
U.S. manufacturers probably entered a recession in the fourth quarter of 2022, based on a range of high-frequency indicators, part of a global downturn in industrial output that is creating some slack in commodity markets.
The Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index fell below the 50-point threshold dividing expanding activity from a contraction in both November and December.
The Federal Reserve’s manufacturing production index declined in both November and December and showed output down 0.4% at the end of 2022 compared with 2021.
U.S. manufacturers continued to increase their selling prices in the fourth quarter, but the rate of producer price inflation has decelerated as input cost pressures have eased and demand for goods has fallen.
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