US: ISM Manufacturing PMI declines to 47.4 in January

The economic activity in the US manufacturing sector continued to contract at an accelerating pace in January with the ISM Manufacturing PMI dropping to 47.4 from 48.4 in December. This reading came in below the market expectation of 48.

Underlying details of the report revealed that the Employment Index edged slightly lower to 50.6 from 50.8 and the Prices Paid Index climbed to 44.5 from 39.4. Finally, the New Orders Index slumped to 42.5 from 45.1.