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American Factory Activity Picks Up
U.S. manufacturing expanded in January, spurred by growth in new orders, according to the Tempe, Ariz.-based Institute for Supply Management.
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U.S. manufacturing expanded in January, spurred by growth in new orders, according to the Tempe, Ariz.-based Institute for Supply Management.
The research group's index of factory activity climbed to a nine-month high of 53.3 in December from a revised 50.2 in December. Any reading above 50 indicates expansion.
ISM says its index has averaged a historically low 51.6 over the past 12 months, including a contraction in November signaled by a 49.9 reading.
In January all five of ISM's component gauges production, employment, inventories, supplier deliveries and new orders registered growth.
The institute notes that U.S. manufacturers remain cautious because of such worries at the federal budget stalemate and weak European economy.
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