The Institute for Supply Management (ISM) released its monthly report on business Wednesday, indicating that its Purchasing Mangers' Index (PMI) index, a gauge of manufacturing activity, registered 54.1 percent in January--any reading over 50 signifies growth. The 54.1 percent reading is a 1 percent increase from December and indicates that manufacturing activity expanded for the 30th consecutive month.
The Production Index registered 55.7 percent in January, a decrease of 3.2 percent from December. Although it is a decline from the previous month, the index still showed signs of growth for the 32nd consecutive month.
The export reading increased by 2 percent in January to 55 percent while imports declined 1.5 percent to 52.5 percent.
Of the 18 manufacturing industries, 9 reported growth in January, including fabricated metal products, transportation equipment, manufacturing and machinery. Additionally, commodities that registered higher prices in January include steel, and cold rolled steel in particular.