US, Global Manufacturing Ended 2023 on Sour Note: S&P Global

Global factory activity is in the ‘doldrums.’

Employees work on engines at a factory in Qingzhou, in China's eastern Shandong province, on Nov. 30, 2023. STR/AFP via Getty Images

U.S. manufacturing activity finished 2023 on a sour note as factory conditions deteriorated because of employment losses and renewed inflationary pressures, according to S&P Global Market Intelligence.

In December 2023, the S&P Global Manufacturing Purchasing Managers’ Index (PMI) was adjusted lower to 47.9, from the initial estimate of 48.2 and the 49.4 reading in November 2023; anything below 50 indicates a contraction in activity.