PARIS (Reuters) – Manufacturing activity in the United States recovered more than expected in December while remaining in contraction territory, shows the monthly survey from the Institute for Supply Management (ISM) published on Wednesday.
The ISM manufacturing index stood at 47.4, compared to 46.7 in October and September. Economists polled by Reuters expected an average of 47.1 in December.
This is the 14th consecutive month that the PMI index has remained below the 50 mark separating contraction and growth in activity. This is the longest such period since August 2000 to January 2002.
The new orders subindex rose to 47.1 in December from 48.3 the previous month, while the index of prices paid by manufacturers fell to 45.2 from 49.9 the month before and a consensus at 47.5, in a context of weak demand.
Employment in factories, for its part, increased to 48.1 in December after 45.8 in November and a consensus of 46.1.
Factory production rebounded, with the subindex standing at 50.3 from 48.5 in November. Production could further improve as customer inventories have fallen below 50.
(Writing by Claude Chendjou, with Lucia Mutikani in Washington, editing by Kate Entringer)
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