U.S. manufacturers probably entered a recession in the fourth quarter of 2022, based on a range of high-frequency indicators, part of a global downturn in industrial output that is creating some slack in commodity markets.
The Institute for Supply Management’s manufacturing purchasing managers’ index fell below the 50-point threshold dividing expanding activity from a contraction in both November and December.
Producer price inflation for goods other than food and energy slowed to an annualised 4.2% in the three months ending in December 2022 from 11.5% in the three months ending in April 2022. Container freight handled through the nine biggest ports slowed to 2.49 million twenty-foot equivalent units in November from 2.81 million in the same month a year earlier and the lowest for the time of year since 2015.
U.S. consumer prices for merchandise other than food and energy fell at an annualised rate of 4.8% in the three months to December.price cuts by between 6% and 20% in the United States for its top-selling models .Sunday parcel deliveries for many parts of the country from March . The downturn is likely to deepen over the next few months as real incomes continue to erode and interest rates increase further.
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