The U.S. is expected to outpace other developed markets again with estimated growth of 2.1%, Goldman said.
Goldman noted global manufacturing activity has been weighed down by a weaker-than-expected rebound in Chinese manufacturing and the European energy crisis, as well as an inventory cycle that had to correct for overbuilding last year.
S&P Global's gauge of worldwide manufacturing activity came in at 49.1 in September.
Additionally, China's Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.
Manufacturing activity should recover somewhat in 2024 from a subdued 2023 pace, Goldman economists led by chief economist Jan Hatzius said, especially as "spending patterns normalize, gas-intensive European production finds a trough, and inventories-to-GDP ratios stabilize."
Persons:
Goldman Sachs, Goldman, Jerome Powell, Jan Hatzius, China's
Organizations:
Bloomberg, U.S . Federal Reserve, Global, Goldman Sachs, P Global, PMI
Locations:
York, U.S, Japan