The health of the US manufacturing sector continued to decline at the start of 2023, according to the latest PMI data from S&P Global (albeit deteriorating at a very slightly reduced rate compared to December from 46.2 to 46.9) and the ISM data was even worse, falling to 47.4 (below the 48.0 expectation and down from 48.4) - the weakest since May 2020... With only labor prints supporting macro surprise data, these Manufacturing indicators do nothing to support any 'soft landing' signals. That is the 3rd straight month of 'contraction' (sub-50) for Manufacturing. Under the hood, the PMI shows rising inflation, ... (full story)