U.S. ISM manufacturing index remains unchanged in January

The Institute for Supply Management index of manufacturing for January remained greatly unchanged.  The ISM manufacturing index came in at 59.1, slightly down from 59.3 in December. This is the 17th consecutive month that the index has been in the expansionary territory.

Delving into details, the report was mixed. The headline index advanced greatly from solid advances in inventories and supplier deliveries. Employment, new orders and production all dropped in January. Prices paid recorded a healthy gain of 4.4 points to 72.7, a new cycle high.

The spread between new orders and inventories narrowed to 13.1 in January from December’s cycle-high 18.9. In all, this indicator continues to be in line with manufacturing activity continuing to grow through the first quarter of 2018.

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