Manufacturing activity in the U.S. saw continued growth in the month of January, according to a report released by the Institute for Supply Management on Monday, although the pace of growth slowed more than expected.<\/p>\n
The ISM said its manufacturing PMI declined to 58.7 in January from a downwardly revised 60.5 in December. <\/p>\n
While a reading above 50 indicates continued growth in the manufacturing sector, economists had expected the index to show a more modest drop to 60.0.<\/p>\n
The bigger than expected decrease by the headline index came as the new orders index slid to 61.1 in January from 67.5 in December and the production index fell to 60.7 from 64.7.<\/p>\n
On the other hand, the report said the employment index inched up to 52.6 in January from 51.7 in December, indicating slightly faster job growth in the manufacturing sector.<\/p>\n
The prices index also jumped to 82.1 in January from 77.6 in December, pointing to a faster price of price growth during the month.<\/p>\n