Manufacturing appears to be slowly pulling out of its recent slump stemming from the big surge in the dollar in 2014 and 2015, with the ISM manufacturing index and manufacturing employment both improving in December. The more recent dollar appreciation over the past few months will weigh on export-orientated manufacturers in the first half of this year but, up to now at least, that 6% appreciation has been much smaller than the massive 20% surge in the trade-weighted currency in 2014 and 2015.
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