The Week That’s Done: January 8
January 8, 2023With China moving on from COVID zero, the energy market looks to tighten – even more. Plus, US LNG exports ramp up, offshore wind energy hits headwinds, and manufacturing contracts, globally.
US Manufacturing PMI Data for November Shows Continued Contraction
November 25, 2022S&P Global PMI data, released November 23, showed continued contraction in the US manufacturing sector. The preliminary S&P Global US Manufacturing PMI fell to 47.6 from 50.4 in October, well below expectations of 50. This marks a 30-month low.
US Manufacturing Stalls in October
October 26, 2022S&P Global PMI data, released October 24, showed a near-stalled US manufacturing sector. The preliminary S&P Global US Manufacturing PMI fell to 49.9 from 52 in September, well below expectations of 51.2. The decline in US manufacturing activity -- driven by inflation, a strengthening dollar, and earlier stockpiling -- is expected to accelerate.
