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U.S. manufacturing contracted further in December, though the pace of decline slowed amid a modest rebound in production and improvement in factory employment. ⚙️ The Institute for Supply Management (ISM) said on Wednesday that its manufacturing PMI increased to 47.4 last month after being unchanged at 46.7 for two straight months. 🗓️ It was the 14th consecutive month that the PMI stayed below 50, which indicates contraction in manufacturing. That is the longest such stretch since the period from August 2000 to January 2002. 🫧 Economists polled by Reuters had forecast the index rising to 47.1. According to the ISM, a PMI reading below 48.7 over a period of time generally indicates a contraction of the overall economy. The ISM and other factory surveys, however, likely overstate the weakness in manufacturing. 👨‍🏭 The so-called hard data suggest that manufacturing, which accounts for 10.3% of the economy, is plodding along. Orders for long-lasting manufactured goods were up strongly on a year-on-year basis in November. Though factory production has been weak, the magnitude of the drop has gotten smaller in recent months. 🌋 ismworld.org/supply-manageme…

Shohei Ohtani just signed the largest contract in the history of American professional sports. The superstar will earn an astonishing $700 million over 10 years. That translates to an otherworldly $70 million per season. 🤯 But not all of that goes to him. He's subject to loads of taxes and other fees that dilute the value. He'll be paid that $70 million, but not all of it will land in his account. 🤔 Reports claim Shohei Ohtani will receive just $20 million of his $700 million contract with the Los Angeles Dodgers over the next 10 years, with $680 million payable from 2034-43. 😳 Ohtani's deal, agreed to Saturday, calls for annual salaries of $70 million, according to details obtained by The Associated Press. Of each year's salary, $68 million is deferred with no interest, payable in equal installments each July 1 from 2034-43. 💵

By receiving the vast majority of the money when he presumably will not be living in the United States, Ohtani also figures to have a tax benefit. 🧐 apnews.com/article/ohtani-do…