“The U.S. manufacturing sector again contracted, with the Manufacturing PMI at its lowest level since the coronavirus pandemic recovery began," said Timothy Fiore.
For the third straight month, manufacturing economic activity shrank in January, according to the Institute for Supply Management’s January 2023 manufacturing sector report.
Compared to the December seasonally adjusted reading, the ISM’s Purchasing Manager’s Index fell to 47.4% in January, 1 point lower than recorded in December. Anything lower than 50% represents contraction. The new orders index fell to 42.5%, 2.6 points lower than December. Coming in at 48%, the production index ...