Despite an increase in output in January, the U.S. manufacturing sector has weakened in recent months due to softer consumer demand and higher borrowing costs.
- Feb 18, 2023, 6:00 PM CST
The slowing manufacturing activity seems to have led to stagnating demand for diesel and other middle distillates in the United States. But other economic data – out this week – showed a resilient economy and job market, suggesting that the Fed could be more hawkish with interest rate hikes to cool inflation. As a rule of thumb, the expected economic slowdown after the hikes is set to weigh on oil demand in the world’s biggest economy.
“The survey’s future indexes continued to suggest tempered expectations for growth over the next six months,” Philadelphia Fed said. from the Institute of Supply Management, economic activity in the manufacturing sector contracted in January for the third consecutive month following 28 months of growth.
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