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More importantly, the share of sector GDP registering a composite PMI ® calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 6 percent in September, compared to 15 percent in August and 25 percent in July, a clear positive,” says Fiore. However, many forecasts are set for the beginning of 2024.
The Employment Index contracted for the third month in a row after expanding for eight straight months ( September 2021 through April), but panelists again indicated month-over-month improvement in hiring ability in July. Consumption (measured by the Production and Employment indexes) was mixed during the period, with a combined positive 1.2-percentage
With Business Survey Committee panelists reporting softening new order rates over the previous seven months, the December composite index reading reflects companies’ slowing their output. “Overall, supply chain conditions have stabilized tremendously since the fourth quarter of 2021. ” [Miscellaneous Manufacturing].
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