Input Stories

In December, global manufacturing activity eased from 50.5 in November to 50.4. Output rose for the fifth consecutive month but at a slower pace than November, as new orders remained stable from the prior month. The stagnation in new work was due, in part, to the ongoing contraction in international trade, with new export orders declining for a ninth consecutive month. Staffing levels stayed the same, while backlogs of work decreased slightly. 

India, Vietnam, Greece and Pakistan had the highest PMI readings in December. On the other hand, Mexico, Germany, Japan, Brazil and Russia were some of the larger nations to register declines in activity. The increase in manufacturing output occurred across the consumer, intermediate and investment goods categories.

Meanwhile, both input and output price pressures picked up in December but remained below long-run averages. Forward-looking indicators were positive, with business optimism remaining at November’s five-month high and investment goods producers seeing positive gains after stalling recently.