Oil Demand Will Take a Hit from Yet Another Decline in U.S. Manufacturing

U.S. manufacturing activity has declined for the 13th consecutive month, making this an unusually lengthy downturn. The manufacturing purchasing managers index by the Institute for Supply Management (ISM) clocked in at 46.7 (14th percentile for all months since 1980) in November 2023, marking the 13th straight month the index has dipped below the 50-point threshold since November 2022. Reuters has noted that the current prolonged manufacturing downturn is more common during a cycle-ending recession than with a mid-cycle slowdown. But…