The S&P Global US manufacturing index for December was revised downwards to 47.9 from the flash reading of 48.2, compared with expectations for a slight increase to 48.4 in a survey compiled by Bloomberg as of 7:40 am ET.
The December index stands below the 49.4 reading in November, indicating a faster pace of contraction. This was the quickest decline since August.
The decline was due to slower customer demand in the form of new orders that resulted from decreased purchasing power and heightened economic uncertainty.