US sees moderate manufacturing growth in January
US manufacturing grew last month, although not as much as it had in the previous month. The US Manufacturing Purchasing Managers Index (PMI), compiled by Markit, fell to 53.7 in January from an 11-month high of 55.0 in December. Anything above 50 indicates expansion.
Here’s what PMI has looked like over the last few years:
Reuters has more details on the report:
Output fell to 53.5, a four-month low, from 57.5. Some firms attributed the slower pace of growth to the extremely cold weather in large swaths of the country.
New export orders meanwhile declined for the first time since October.
Firms took on new workers, however, for the seventh straight month, though the pace of hiring eased slightly, with the sub-index dropping to 53.2 from 54.0.