The ISM Manufacturing PMI rose 0.9 points from the previous month to 49.3 in December 2024, beating market expectations of 48.4.
The reading reflected the slowest pace of contraction in the U.S. manufacturing sector since March's 50.3 reading, the only expansion in the industry since September 2022. A gauge measuring new orders came in at 52.5, reflecting the strongest level of new orders in 11 months, suggesting that lower output for manufacturers may be nearing a bottom despite the Fed's prolonged interest rate tightening.
In turn, a gauge measuring the prices faced by businesses rose to 52.5, beating market expectations of 51.7, to keep stubborn inflation concerns at bay.
Source: Trading Economics
