"US Manufacturing PMI Reaches Highest Level Since 2022 Despite Contraction"

The January 2024 Manufacturing ISM® Report On Business® indicates that the U.S. manufacturing sector contracted for the 15th consecutive month, with the Manufacturing PMI® at 49.1%. New orders and production are growing, while employment is contracting. Supplier deliveries are faster, raw materials inventories are contracting, and prices are increasing. The report reflects annual adjustments to seasonal factors used to calculate the indexes. Despite the contraction, the overall economy continued to expand for the 45th month, with some improvement in demand and stable production levels.