Economic activity in the manufacturing sector continued its expansion in January, marking the 30th consecutive month the sector has grown, according to the latest report from the Institute for Supply Management. The pulse of the nation's supply chain managers is taken each month by the ISM to provide an indicator of manufacturing activity.
January's Purchasing Managers Index (PMI) registered 54.1%, an increase of 1 percentage point from December's seasonally adjusted reading of 53.1%. "The New Orders Index increased 2.8% from December's seasonally adjusted reading to 57.6%, reflecting the 33rd consecutive month of growth in new orders," commented Bradley J. Holcomb, CPSM, CPSD, chair of the ISM. "Manufacturing is starting out the year on a positive note, with new orders, production and employment all growing in January," meaning they were all over the benchmark of 50%, which indicates an expansion.