by Wolf Richter, Wolf Street:
An ugly report. How will it impact the overall economy?
US manufacturing took a turn from lousy to worse in December, according to the Manufacturing ISM Report On Business, released today, with employment, new orders and new export orders, production, backlog of orders, and inventories all contracting.
The overall Purchasing Managers Index (PMI) dropped 0.9 percentage points from November to 47.2% in December 2019, the fifth month in a row of contraction, and the fastest contraction since June 2009. Values below the 50% mark signify contraction, values above it signify growth (data via YCharts):