The manufacturing sector expanded in January following 26 consecutive months of contraction, according to the Manufacturing ISM Report on Business. The report was issued by the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
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The Manufacturing Purchasing Managers Index (PMI) was 50.9%, 1.7 percentage points higher than December.
Here’s the breakdown of the January PMI:
- The New Orders Index rose 3 percentage points, from 52.1% to 55.1%, the third month of expansion after seven months of contraction.
- The Production Index registered 52.5%, up 2.6 percentage points from 49.9%.
- The Prices Index was 54.9%, up 2.4 percentage points from 52.5%.
- The Backlog of Orders Index registered 44.9%, down 1 percentage point from 45.9%.
- The Employment Index registered 50.3%, up 4.9 percentage points from 45.4%.
- The Supplier Deliveries Index was 50.9%, 0.8 percentage point higher than 50.1%.
- The Inventories Index was 45.9%, down 2.5 percentage points from 48.4%.
- The New Export Orders Index registered 52.4%, up 2.4 percentage points from 50%.
- The Imports Index was 51.1%, up 1.4 percentage point from 49.7%.
Eight manufacturing industries reported growth:
- Textile Mills
- Primary Metals
- Petroleum & Coal Products
- Chemical Products
- Machinery
- Transportation Equipment
- Plastics & Rubber Products
- Electrical Equipment, Appliances & Components
The eight industries reporting contraction in January were:
- Nonmetallic Mineral Product
- Miscellaneous Manufacturing
- Wood Products
- Fabricated Metal Products
- Furniture & Related Products
- Computer & Electronic Products
- Paper Products
- Food, Beverage & Tobacco Products
