The US manufacturing sector saw an acceleration in the contraction of its activity in December, according to S&P Global, whose PMI index for the sector came in at 47.9 for the past month, down from 48.2 in the flash estimate and 49.4 in November.

For the record, it is the 50 threshold that separates expansion and contraction in a sector's activity for PMI indices: the lower the index is below this threshold, the faster the pace of contraction.

The surveyors point to a renewed decline in production against the backdrop of a sharper fall in orders, as well as a pick-up in inflation rates and the sharpest deterioration in employment since June 2020.

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