Contraction in manufacturing continued in the USA

Although the US Manufacturing Industry Purchasing Managers Index (PMI) increased by 0.6 points to 46.8 in January, it showed that the contraction continued.

S&P Global has released the US manufacturing, services and composite PMI leading information for January.

Accordingly, the manufacturing industry Purchasing Managers Index (PMI) increased by 0.6 points to 46.8 in January compared to the previous month. Contrary to market expectations, the index, which increased, was expected to take the value of 46 in this period. Indicating that the contraction continues, the index was 46.2 in December.

The services sector PMI in the USA also increased by 1.9 points compared to the previous month and reached 46.6 in December. It was claimed that the index, which exceeded the market expectations, would gain a value of 45. The index, which shows that the contraction in the service branch continues, was 44.7 in December as well.

Composite PMI, which covers manufacturing and services sectors, rose 1.6 points month on month to 46.6 in January.

Indicating that the contraction in economic activity continues, the composite PMI had taken its price of 45 in December.

“It started on a disappointing note”

S&P Global Chief Economist Chris Williamson, whose views are included in the statement, stated that the US economy started 2023 on a disappointingly soft note as commercial activities contracted again in January.

Stating that although it is moderate compared to December, the index reflects the decreasing activity in both manufacturing and services sections, Williamson said that the general belief level is under pressure. understressed that he remains

A value of 50 or more in PMI data indicates expansion in the segment, and below 50 indicates contraction.