US factory activity slumps further in December as tariffs loom
S&P Global said on Monday that its flash manufacturing PMI dropped to 48.3 this month from 49.7 in November. Economists polled by Reuters had forecast a flash reading of 49.8. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 10.3% of the economy.
A gauge of production at factories declined to 46.0, the lowest level since May 2020, from 47.9 in November.
President-elect Donald Trump said he would impose a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China. The three nations are the main trade partners of the United States.
Euphoria over the outcome of the Nov. 5 presidential election, however, boosted the services sector flash PMI to a 38-month high of 58.5 from 56.1 in November. That hoisted the composite PMI Output Index, which tracks the manufacturing and services sectors, to 56.6 this month — the highest level since March 2022 — from 54.9 in November.
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