NEW YORKâThe first survey of December's economic data shows diminished results, with U.S. manufacturer growth hitting new lows on multiple fronts.
Citing results from financial data firm IHS Markit, CNBC said the data show the U.S. manufacturing PMI (Purchasing Managers Index) was 53.8 in December, falling nearly two points from 55.3 in November. The number represents a 15-month low for the index, while job creation also slowed to an 18-month low.
"Output and order books grew at the slowest rates for over a year and optimism about the outlook slumped to its gloomiest for over two years," Chris Williamson, Markit's chief business economist, told CNBC. "Some of the weakness is due to capacity constraints, with producers again reporting widespread difficulties in finding suitable staff and sourcing sufficient quantities of inputs."
"However, the survey also revealed signs of slower demand growth from customers, as well as rising concerns over the impact of tariffs. Just over two thirds of manufacturers reporting higher costs attributed the rise in prices to tariffs," Williamson added in comments to NCBC.
Manufacturers' confidence in business also slipped to the lowest level in nearly two years, Markit said, with optimism at its lowest level since October 2016. The firm reported manufacturer optimism was hit by concern about "the longevity of new business growth."