Like Britain, the US will also be expecting manufacturing PMI today in which the index is also expected to fall in line with preliminary estimates. The estimates revealed that in December, the S&P global US manufacturing PMI fell to 46.2 from 47.7 in November.
This was well below forecasts of 47.7, pointing to the biggest contraction in factory activity since May 2020. The contraction was reportedly driven by subdued demand and a faster fall in output.
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