IHS Markit, a financial information services company, has released its Purchasing Managers Index (PMI) for the US manufacturing sector. It dropped to 57.7 in December, the lowest level in 2021 from 58.3 in November.
The fall in the PMI was caused by a shortage of raw materials. including a slowdown in new orders and employment but was driven by a rebound in business confidence.
The PMI remains above 50, indicating the expansion of the US manufacturing sector.
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