Manufacturing activity slowed for the third month in a row, with the ISM® Manufacturing Purchasing Managers’ Index® declining to 47.4 in January from 48.4 in December. January’s numbers signal a post-pandemic low.
Orders and production: New orders declined sharply, falling for the fifth consecutive month as economic uncertainty persists.
- Production dipped, and exports, though still down, decreased at a slower pace last month.
Hiring: Hiring expanded slightly for the second month in a row.
The NAM says: “The data continued to reflect progress on supply chain challenges, with supplier deliveries rising in the past two months at rates not seen since March 2009,” said NAM Chief Economist Chad Moutray.