Manufacturing expanded in January
Manufacturing expanded in January after five straight months of contraction, according to the latest Manufacturing ISM Report On Business.
The PMI registered 50.9 percent, an increase of 3.1 percentage points from the seasonally adjusted December reading of 47.8 percent. The PMI returned to expansion territory for the first time since July 2019.
“The PMI expanded in January after contracting for five straight months. Four of the big six industries expanded, compared with two in December. Six of the PMI’s 10 subindexes recorded expansion, a marked improvement from the final months of 2019,” said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
Comments from the panel were positive, with sentiment improving compared to December.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
INDUSTRIAL SUPPLY MAGAZINE
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