The manufacturing sector expanded in the month of January, according to the Institute of Supply Management's business survey. The purchasing manager's index (PMI) rose 2.3 percentage points, to 50.7%. A reading above 50 indicates expansion, while a reading below signals contraction.
New orders are contracting, albeit at a slower rate, coming in at 49.5. Production increased from 48.6 to 55.2, while employment contracted to 47.1. Exports are still in high demand, growing at a faster rate than the previous month, and for the 62nd consecutive month.
The overall economy continues to grow for the 75th consecutive month.