Wahyu Dwi Anggoro
IDXChannel - The global manufacturing sector ended 2023 on a lacklustre footing. December saw production decline for the seventh successive month as intakes of new business suffered a further contraction.
The JP Morgan Global Manufacturing PMI – a composite index produced by JP Morgan and S&P Global in association with ISM and IFPSM – posted 49.0 in December, down from 49.3 in November, to remain below the neutral 50.0 mark for the sixteenth consecutive month.
Manufacturing production contracted at a slightly quicker pace in December, with the latest decline centred on the intermediate goods sector. In contrast, producers of both consumer and investment goods saw expansions. Overall output has decreased 13 times in the past 17 months.
Data broken down by nation signalled contractions in output in all except seven of the 29 countries for which December readings were available. China, Colombia, Greece, Indonesia, Mexico, the Philippines and Russia were the nations to register growth.
US manufacturing output decreased for the first time in four months, while Japan posted its seventh successive month of contraction. The euro area remained the main source of weakness, however. Manufacturing production across the currency bloc fell (on average) for the ninth month running, with the downturns in Germany, France, Austria and the Netherlands especially severe.
