After reporting a significant slowdown in the pace of growth in U.S. manufacturing activity in the previous month, the Institute for Supply Management released a report on Friday showing growth unexpectedly reaccelerated in the month of January.
Source: www.rttnews.com
The U.S. ISM purchasing managers index increased to 56.6 in January from 54.3 in December. A reading above 50 indicates growth in the manufacturing sector. Economists had expected the index to slip to 54.0 from 54.1. The new orders index surged up to 58.2 in January from 51.3 in December, while the production index increased to 60.5 from 54.1. Meanwhile, the employment index dipped to 55.5 from 56.0 in December, signifying a slowdown in job growth for the manufacturing sector.
