Manufacturing activity contracted in January for the third consecutive month

For the third month in a row, activity in the manufacturing industry declined, according to the latest Manufacturing ISM Report On Business. The January Manufacturing PMI reached 47.4%, a decrease from 48.4% in December. The Manufacturing PMI has not been this low since May 2020. Other notable findings in the report include contractions in the New Orders Index and the Production Index, which registered 42.5% and 48%, respectively.