U.S. ISM Manufacturing Index Expands in January

Economic activity in the United States manufacturing sector expanded in January, with the overall economy notching an eighth consecutive month of growth, according to the latest Manufacturing ISM Report On Business.

The January Manufacturing Purchasing Managers Index (PMI) registered 58.7% last month, down 1.8% points from the seasonally adjusted December reading of 60.5%.

After a contraction in March, April, and May, due to the Coronavirus pandemic, the economy grew for eight consecutive months.

The New Orders Index registered 61.1%, down 6.4% from the seasonally adjusted December reading of 67.5%.

The Production Index registered 60.7%, decreasing 4% compared to the seasonally adjusted December reading of 64.7%.

The Employment Index registered 52.6%, rising 0.9% from its level in December at 51.7%.

Meanwhile, the Prices Index registered 82.1%, adding 4.5% to its December reading of 77.6%.