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• S&P Global US Manufacturing PMI: December 2025 2026-01-02 09:45

  

  The US S&P Manufacturing PMI eased to 51.8 in December (from 52.2 in November), marking a slower pace of expansion as demand weakened despite continued output growth.

  • New orders declined for the first time in exactly one year, signaling a mild but notable softening in demand conditions after a prolonged expansion.

  • Output continued to grow but at the slowest pace in three months, as production remained solid even amid weaker sales momentum.

  • New export orders fell for a seventh consecutive month, with tariffs cited as a key factor weighing on international demand, particularly exports to Canada.

  • Finished goods inventories increased for a fifth straight month, though the pace of accumulation slowed sharply from November’s record, indicating production continued to outpace sales.

  • Employment growth strengthened to its most pronounced level since August, reflecting firms filling vacancies in anticipation of stronger conditions in 2026.

  • Backlogs of work declined for a fourth consecutive month, pointing to expanding labor capacity and limited workload pressures.

  

  • Input cost inflation moderated to an 11-month low but remained historically elevated, while output price inflation also slowed to its weakest rate since early 2025, still reflecting tariff-related cost pressures.

  • Business confidence remained positive but eased from November, as firms cited uncertainty around tariffs and insufficient new orders to replace existing demand.

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