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The latest data released from the United States on Thursday showed that both the ISM and Markit manufacturing indexes fell in November, hitting new lows since May 2020. After the release of the two data, the short-term decline of the three major US stock indexes has decreased: The Dow extended its decline to 0.8%, the Nasdaq fell 0.2% and the S&P fell 0.3%.
The US ISM manufacturing index was 49 in November, which was lower than the expected 49.7, and the value before October was 50.2; the final value of the Markit manufacturing PMI in November was 47.7, 47.6 expected, and the previous value was 47.6.50 is the dividing line between prosperity and contraction.
In terms of important sub-indexes of the PMI, the price input sub-index fell month on month, reaching a new low since November 2020. The final value of the supplier lead time index rose to 50.5, the highest high since June 2013.
A combination of rising costs of living, rising interest rates and heightened fears of a recession have led to a sharp drop in demand for commodities in both domestic and overseas markets, said Chris Williamson, chief economist at S&P Global Market Intelligence. So, barring initial lockdowns due to the pandemic, companies are cutting production at a pace not seen since the global financial crisis. However, even with the latest output cuts, sluggish demand has led to one of the largest unsold inventory builds since survey data became available 15 years ago, suggesting firms will continue to cut output in the coming months to bring those stocks to a more controllable level. level.
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