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The US services sector slowed considerably in December, with a measure of employment dropping to the lowest level in nearly 3-1/2 years, a ISM survey found.
U.S. manufacturing remained subdued in November, with factory employment declining further as hiring slowed and layoffs increased, more evidence that the economy was losing momentum after robust growth last quarter. Most economists, however, do not expect a recession next year and believe the Federal Reserve will be able to engineer the hoped-for "soft landing." Speaking during an event at Spelman College in Atlanta on Friday, Federal Reserve Chair Jerome Powell said "we are getting what we wanted to get" out of the economy.
U.S. manufacturing appeared to stabilize at weaker levels in July amid a gradual improvement in new orders, but factory employment dropped to a three-year low, suggesting that layoffs were accelerating. The Institute for Supply Management (ISM) said on Tuesday that its manufacturing PMI edged up to 46.4 last month from 46.0 in June, which was the lowest reading since May 2020. It was the ninth straight month that the PMI stayed below the 50 threshold, which indicates contraction in manufacturing, the longest such stretch since the 2007-2009 Great Recession.
They are not consistent with anything, anything, gdp, ism survey. >> how do you make sense of this? >> i'll tell you how i make sense of it, next month, we'll get the bench mark revision and they'll be all revised up. >> jared bernstein, former chief economist for vice president joe biden, former msnbc contributor and fellow at the policy and priorities. do you agree with mark zandi? >> to a point. the underlying trend before this report was 200,000 jobs a month. as you mention, 74,000 for december is way below trend. and there's a lot of noise in the monthly data, and it wouldn't surprise me ...