The rise in manufacturing sales in November was entirely due to higher prices, with sales volumes unchanged. While the recovery in activity took a breather, the 1.8% m/m rise in new orders and increase in the S&P Global manufacturing PMI to 52.2 in December point to some near-term upside for the sector. That is perhaps partly because US importers are trying to front-run potential tariffs, however, and those tariffs in turn present downside risks for the sector later this year.
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