Posted February 1, 2021

Manufacturing grew at slower pace in January

The ISM Manufacturing Report on Business PMI registered 58.7 percent, 1.8 percentage points lower than the seasonally adjusted December reading of 60.5 percent.

“The Manufacturing PMI continued to indicate strong sector expansion and U.S. economic growth in January. All five contributing subindexes were in growth territory, but at lower rates compared to December," said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.

Survey committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are continuing to cause strains that limit manufacturing growth potential.

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