Feb. 3, 2016

Manufacturing Economy Contracts in January

Economic activity in the manufacturing sector contracted in January, as the PMI registered 48.2 percent, reports the Institute for Supply Management in its latest Report on Business. The PMI increased 0.2 percentage points from the seasonally adjusted December reading of 48.0 percent, but remained below the 50 percent mark that indicates expansion.

Of the 18 manufacturing industries surveyed, only eight reported growth in January, including miscellaneous manufacturing, machinery, and appliances and components. Among the 10 industries reporting contraction were fabricated metal products, primary metals and transportation equipment.

Among other indices, the New Orders Index registered 51.5 percent, an increase of 2.7 percentage points from December, the Production Index increased 0.3 percentage points to 50.2 percent, and the Employment Index fell 2.1 percentage points to 45.9 percent.

A PMI above 43.2 percent, over a period of time, generally indicates an expansion of the overall economy. The PMI for January corresponds to a 1.6 percent increase in gross domestic product on an annualized basis, reports Bradley Holcomb, chairman of ISM’s Manufacturing Business Survey Committee.


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Sunday, December 17, 2017