Manufacturing expanded for the 20th straight month in January, with a decline in new orders during the month.
Source: Institute for Supply Management
The January Manufacturing PMI stood at 57.6%, down 1.2 percentage points from the seasonally adjusted 58.8% the previous month. This is the 20th straight month of expansion, after the declines recorded in April and May 2020.
ISM Chairman Timothy Fiore attributed the growth to high demand amid the ongoing supply chain constraints, as labor resources and supplier delivery performance improved.
Declines were recorded in new orders, production, supplier deliveries, inventories, and the backlog of orders. Growth was seen in employment, customer inventories, prices, new export orders, and imports.
Moderate to strong growth was reported in all of the six biggest industries: machinery; food, beverage, and tobacco; transportation equipment; computer and electronic products; chemical products; and petroleum and coal products.