FX.co ★ US Manufacturing Growth Slows in December

The S&P Global US Manufacturing PMI was confirmed at 51.8 in December 2025, a decrease from November's 52.2, indicating the weakest growth in the current five-month positive trend. There was a decline in new orders for the first time in a year, and exports decreased for the seventh consecutive month due to ongoing tariffs and trade tensions. While output growth slowed, manufacturers continued to build up inventories for a fifth consecutive month, albeit at a reduced rate compared to November's peak increase. Employment numbers rose significantly as manufacturers aimed to fill vacancies in anticipation of improved conditions in 2026. Regarding pricing, the inflation of input costs reached an 11-month low but remained high by historical standards, while the increase in selling prices slowed to the most moderate pace since early 2025, yet still exceeded long-term averages. Overall business confidence declined, influenced by weaker order inflows and ongoing uncertainties related to tariffs and trade policies.