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Manufacturing Update Jan 23
- The J.P. Morgan Global Manufacturing PMI declined to 48.8 in November, contracting for the third straight month and falling to the lowest level since June 2020. With worldwide manufacturing activity weakening materially in recent months, firms continued to grapple with economic and geopolitical challenges.
- New orders and output deteriorated further in November, decreasing to post-pandemic lows, with exports continuing to decrease solidly. Hiring contracted for the first time since October 2020. Yet, respondents were somewhat more positive in their outlook for production growth.
- Manufacturers in the U.S. continue to work robustly with the Biden administration and Congress to open markets, enforce trade agreements and address trade challenges overseas to ensure trade certainty and competitiveness. Specific actions and priorities include the following:
- Continuing to raise significant concerns about the impact of an expanded World Trade Organization intellectual property waiver (TRIPS) on innovation, competitiveness and jobs in manufacturing
- Monitoring closely U.S.–China discussions and continuing to advocate for the Office of the U.S. Trade Representative to announce and implement a clear China trade strategy
- Continuing to advocate for congressional passage this year of the Miscellaneous Tariff Bill and the creation of a transparent, robust Section 301 tariff exclusion process
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