PMI Hits Highest Mark Since October 2022
By Metal Center News Staff
on Feb 3, 2024
U.S. manufacturing inched closer to growth in January, recording the highest PMI in 15 months, the Institute for Supply Management reported. The PMI in January was 49.1 percent, still contracting but up 2 percentage points from December and the highest number since October 2022.
“The U.S. manufacturing sector continued to contract, though at a marginal rate compared to December. Demand moderately improved, output remained stable and inputs are accommodative,” said Timothy Fiore, chair of the ISM’s Manufacturing Business Survey Committee.
The New Orders Index moved into expansion territory at 52.5 percent, 5.5 percentage points higher than the seasonally adjusted figure of 47 percent recorded in December. The January reading of the Production Index of 50.4 percent was 0.5 percentage points higher than December’s seasonally adjusted figure of 49.9 percent. The Prices Index registered 52.9 percent, up 7.7 percentage points compared with the reading of 45.2 percent in December.
Most of the 18 manufacturing industries, including fabricated metal products, remained in contraction mode in January. Transportation equipment was one of four industries reporting growth.