U.S. manufacturing remained in growth mode in January, while the overall economy expanded for the 105th consecutive month, according to new figures released by the Institute for Supply Management in its monthly Manufacturing ISM Report on Business.
The speed of manufacturing growth slowed slightly.
The January PMI registered 59.1 compared with a seasonally adjusted reading of 59.3 in December. A reading above 50 indicates that the manufacturing economy is generally expanding.
The 59.1 reading for January indicates U.S. manufacturing growth for the 17th consecutive month.
Manufacturing's expansion was "led by continued expansion in new order and production activity, with employment growing at a slower rate and supplier deliveries continuing to struggle," said Timothy Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
Of the 18 manufacturing industries recognized in the survey, 14 showed growth. Four industries contracted: printing and related support activities; wood products; furniture and related products; and nonmetallic mineral products.