U.S. manufacturing activity contracted for the tenth consecutive month in December, but the details of the report suggest production could strengthen in the months ahead.
The Institute for Supply Management’s manufacturing index fell to 49.3 from 48.4 in November, remaining below the 50 threshold that separates expansion from contraction. The decline was driven primarily by producers drawing down their raw materials inventories at the fastest pace since July 2023.
But customer inventories—the stockpiles held by manufacturers’ clients—shrank at the fastest rate since October 2022. When customer inventories fall sharply, it typically signals…
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