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The manufacturing sector expanded in January for the second consecutive month, and the overall economy grew for the 44th consecutive month, according to the latest Manufacturing Report on Business from the Institute for Supply Management.
The PMI registered 53.1 percent, an increase of 2.9 percentage points from December's reading of 50.2 percent, indicating expansion in manufacturing for the second consecutive month. The New Orders Index registered 53.3 percent, an increase of 3.6 percent over December's reading of 49.7 percent, indicating growth in new orders.
Manufacturing is starting out the year on a positive note, with all five of the PMI's component indexes – new orders, production, employment, supplier deliveries and inventories – registering above 50 percent in January."
Of the 18 manufacturing industries, 13 are reporting growth in January in the following order: Plastics & Rubber Products; Textile Mills; Furniture & Related Products; Printing & Related Support Activities; Apparel, Leather & Allied Products; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Fabricated Metal Products; Transportation Equipment; Petroleum & Coal Products; Machinery; Primary Metals; and Food, Beverage & Tobacco Products. The four industries reporting contraction in January are: Nonmetallic Mineral Products; Computer & Electronic Products; Wood Products; and Chemical Products.
For more details, including survey participant responses, visit www.ism.ws.