The S&P Global US Manufacturing PMI slipped to 49.4 in December 2024, compared to 49.7 in November.
This was revised upward from an initial estimate of 48.3 but remained below market expectations of 49.8. The reading represented the sixth straight month of contraction in US manufacturing, underscoring a contrast with the relatively stronger services sector.
Factory output declined at the sharpest rate in 18 months, driven by falling new orders. This drop was linked to client hesitation over new projects amid uncertainties surrounding anticipated policy changes under Donald Trump’s incoming administration. New export orders also weakened due to reduced demand from Europe.
Despite these challenges, factories increased hiring, though firms scaled back purchasing activity in response to expected lower demand. On the inflation side, input cost pressures rose significantly, contributing to notable increases in output prices.
Source: SP Global
Global markets ended the week on a positive note as soft U.S. economic data and cooling inflation raised expectations for a September Federal Reserve rate cut. The euro recovered on steady inflation and ECB easing prospects, while the pound remained resilient despite weak UK labor market data.
UK Wage Growth Holds Steady, Public Sector LeadsUK wage growth held steady in the three months to June 2025, with regular pay excluding bonuses rising 5 percent year-on-year to £679 per week, according to data from the Office for National Statistics (ONS). The pace matched the previous period and market expectations, remaining at the slowest rate in nearly three years.
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