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After a modest recovery over the past four months, manufacturing reports produced by IHS Markit from around the world almost all worsened in December, showing that the sector continues to face global challenges.

The latest: The U.S. saw little change from November to December, remaining just above contraction with a reading of 50.1, but the eurozone looked tortured with both Italy and the Netherlands posting their worst PMI reports in 80 months.

  • The eurozone as a bloc recorded a PMI of 46.3, suggesting it's still in the midst of its manufacturing recession.
  • Of the more than 40 markets IHS Markit covers, only Russia and India saw improvements in their PMI reports.

What it means: "While we are not sounding any alarms, today’s data tells us that investors may have been a bit premature in pricing in a global economic recovery," Emily Roland, co-chief investment strategist at John Hancock Investment Management, tells Axios.

Go deeper: Midwestern manufacturing improved in December but is still contracting

Go deeper

Dion Rabouin, author of Markets
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