US manufacturing growth slows to 14-month low in January

ANKARA

US manufacturing growth slowed to its lowest level in 14 months in January, according to a report Tuesday by the Institute for Supply Management (ISM).

The ISM manufacturing purchasing managers' index (PMI) fell to 57.6 last month, its lowest since November 2020.

The reading is a decline of 1.2 percentage points from a revised December figure of 58.8.

The market expectation for the index was for it to come in at 57.5.

While a reading above 50 indicates growth, anything less than that shows contraction.

Despite the decline, the figure still indicates expansion in the overall US economy for the 20th month in a row after a contraction in April and May 2020 when the coronavirus pandemic began.