December ISM Manufacturing RoB continues to decelerate

The December ISM Manufacturing Survey is per our 2023 plans

The December ISM report is bad, folks. And it’s on track to our favored view for this year as the cyclical inflation continues to fade and along with it, the stuff that the inflation initially boosted is fading too. Counter-cyclicality and maybe even post-bubble contraction, here we come.

You can click the front page graphic below to access the entire report (the best of its kind, in my opinion), but here are a few notables…

Inflation? That was so 2021 into 2022…

December ISM, prices

New Orders? Steadily trending down.

December ISM, new orders

Backlogs? Not good for this leading indicator.

December ISM, backlogs

December ISM manufacturing report