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 remained focused on shifting Middle East developments and monetary policy expectations, with reports of progress toward a Strait of Hormuz shipping agreement influencing sentiment.
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Weak Jobs Data Hits Dollar as Hormuz Risks Persist (10 – 14 August)Global markets entered the week as investors reassessed the Federal Reserve's outlook after a surprisingly weak US employment report signaled further deterioration in labor market conditions. The Dollar Index fell toward a two-month low, while gold and silver held onto strong weekly gains as expectations for a September Fed rate hike dropped sharply. At the same time, uncertainty surrounding the Strait of Hormuz continued to influence oil prices and global inflation expectations, with Iran and Oman reporting progress toward a transit agreement but no broader resolution yet reached.
Detail Weak Jobs Data Supports Metals and Currencies (08.10.2026)Global markets opened the week with the dollar under pressure after unexpectedly weak U.S. employment data reduced expectations for a September Federal Reserve rate hike.
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