December Manufacturing PMI drops from November and comes in not as strong as expected at 50.1
- expected 50.3, prior 50.3
- more positively manufacturing now in expansion for three months
Non-Manufacturing PMI more than makes up for it, jumping well over November and the median estimate to 52.2
- expected 50.2, prior 50.0
Composite 52.2
- prior 50.8
***
I posted earlier the background to these December results, over the course of H2 of 2024.
ICYMI:
In H2 of 2024 manufacturing has improved, slowly, while services have held in expansion.
Manufacturing PMI:
- July 2024: 49.4, indicating contraction in manufacturing activity. Production expanded slightly (50.1), but new orders fell (49.3).
- August 2024: Remained at 49.4, continuing contraction as challenges persisted in the sector.
- September 2024: Rose to 49.8, showing a slower pace of contraction. Output grew the most in five months.
- October 2024: Increased to 50.1, crossing into expansion territory for the first time in six months, reflecting initial impacts of fiscal stimulus.
- November 2024: Improved further to 50.3, showing modest expansion with strengthening domestic demand.
Non-Manufacturing (Services) PMI:
- July 2024: 51.5, indicating expansion in services, though at a slower pace.
- August 2024: Declined to 51.0, still expanding but with reduced momentum.
- September 2024: Decreased to 50.0, marking stagnation in the sector.
- October 2024: Edged up slightly to 50.2, suggesting mild recovery.
- November 2024: Held steady at 50.0, showing stable but subdued performance.
