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News : US Economy Last Updated: Feb 7, 2014 - 4:18 PM


Two US PMI reports show that US manufacturing slowed in January
By Finfacts Team
Feb 3, 2014 - 3:31 PM

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Two US PMI (purchasing managers' index) survey results issued Monday show that US manufacturing slowed in January.

Bradley J. Holcomb, chair of the Institute for Supply Management Manufacturing Business Survey Committee, said: "The January PMI registered 51.3%, a decrease of 5.2 percentage points from December's seasonally adjusted reading of 56.5%. The New Orders Index registered 51.2%, a significant decrease of 13.2 percentage points from December's seasonally adjusted reading of 64.4%.

The Production Index registered 54.8%, a fall of 6.9 percentage points compared to December's seasonally adjusted reading of 61.7%. Inventories of raw materials decreased by 3 percentage points to 44%, its lowest reading since December 2012 when the Inventories Index registered 43%. A number of comments from the panel cite adverse weather conditions as a factor negatively impacting their businesses in January, while others reflect optimism and increasing volumes in the early stages of 2014."

Of the 18 manufacturing industries, 11 are reporting growth in January in the following order: Plastics & Rubber Products; Primary Metals; Textile Mills; Wood Products; Printing & Related Support Activities; Fabricated Metal Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Machinery; Furniture & Related Products; and Food, Beverage & Tobacco Products. The seven industries reporting contraction in January - - listed in order - - are: Nonmetallic Mineral Products; Petroleum & Coal Products; Apparel, Leather & Allied Products; Miscellaneous Manufacturing; Chemical Products; Paper Products; and Computer & Electronic Products.

Markit said that adjusted for seasonal influences, the headline US Manufacturing purchasing managers’ index (PMI) registered 53.7 in January, down from an 11-month high of 55.0 during December. The latest reading was the lowest since last October, but remained above the neutral 50.0 value and pointed  to a solid improvement in business conditions.

US manufacturers indicated that output and new business growth rates slowed in January, with some attributing this to disruptions from the extreme weather conditions at the start of the year. The slowdown also reflected in part a drop in new export orders for the first time since last September. Nonetheless, manufacturers remained positive in terms of their staff hiring in January, with employment levels rising for the seventh successive month.

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