January manufacturing activity declines but still on growth track, reports ISM

The PMI, the index used by the ISM to measure manufacturing activity, fell 5.2 percent to 51.3 in January, which is 2.5 percent below the 12-month average of 53.8 and its lowest reading since last May’s 50.0. The PMI is still over the 50 mark—which is the benchmark of strong economic activity—in 13 of the last 14 months, coupled with the overall economy growing now for 56 straight months, according to the ISM.

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