US factories grew at faster pace in January
WASHINGTON – American factories grew at a slightly faster pace in January than in the previous month when there had been a big slowdown in manufacturing activity.
The Institute for Supply Management, an association of purchasing managers, said Friday that its manufacturing index rose to 56.6 last month, up from a reading 54.3 in December. Anything above 50 signals growth in manufacturing.
The January gain of 2.3 percentage points followed a December plunge of 4.5 percentage points which had been the biggest drop in a decade. The January rebound was driven by strong gains in new orders and production.
Analysts at Oxford Economics called the rebound an encouraging sign of continued momentum in manufacturing.News from Canadian Press Enterprises Inc. © 2018