Economic activity in the manufacturing sector expanded in January, according to the latest Manufacturing ISM Report on Business.
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The report, issued by the Institute for Supply Management, said the Purchasing Managers Index was 54.1 percent, an increase of 1 percentage point from Decembers reading of 53.1 percent, indicating expansion in the manufacturing sector.
The New Orders Index increased 2.8 percentage points from December’s seasonally adjusted reading to 57.6 percent, reflecting the 33rd consecutive month of growth in new orders. Prices of raw materials increased for the first time in the last four months.
Of the 18 manufacturing industries, nine are reporting growth in January, in the following order: Apparel, Leather & Allied Products; Petroleum & Coal Products; Machinery; Computer & Electronic Products; Transportation Equipment; Miscellaneous Manufacturing; Fabricated Metal Products; Paper Products; and Primary Metals. The seven industries reporting contraction in January – listed in order – are: Plastics & Rubber Products; Furniture & Related Products; Wood Products; Chemical Products; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; and Textile Mills.