- US manufacturing sector grew at a modest pace in December.
- US Dollar Index extends recovery toward 97 handle.
The economic activity in the US’ manufacturing sector continued to expand at a modest pace in December with the IHS Markit’s Manufacturing PMI coming in at 52.4 following November’s reading of 52.6. The final figure came in slightly worse than the previous estimate and the market expectation of 52.5.
Despite the uninspiring data, the US Dollar Index is building on the early recovery gains and was up 0.4% on the day at 96.82.
Commenting on the data, “US manufacturing sector continued to recover from the soft-patch seen in the summer, ending 2019 with its best quarter since the early months of 2019,” said Chris Williamson, Chief Business Economist at IHS Markit. “The overall rate of expansion nevertheless faltered somewhat in December and remains well below that seen this time last year, suggesting producers are starting 2020 on a softer footing than they had enjoyed heading into 2019.”
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