Investing.com – Manufacturing activity in the U.S. rose expanded at a slower rate than expected in January, while the previous month’s figure was revised down, industry data showed on Wednesday.
In a report, the Institute for Supply Management said its index of purchasing managers rose by 1.0 point to 54.1 in January from a reading of 53.1 in December, whose figure was revised down from 53.9.
Analysts had expected the ISM index of purchasing managers to rise by 1.4 points to 54.5 in January.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose more-than-expected in January, climbing by 8.0 points to 55.5 from 47.5 in December and above expectations for a reading of 49.5.
The New Orders Index increased 2.8 points to 57.6, reflecting the 33rd consecutive month of growth in new orders.
Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, “Manufacturing is starting out the year on a positive note, with new orders, production and employment all growing in January."
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD climbing 0.77% to trade at 1.3185.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 1%, the S&P 500 index rose 0.95%, while the Nasdaq Composite index climbed 0.6%.
In a report, the Institute for Supply Management said its index of purchasing managers rose by 1.0 point to 54.1 in January from a reading of 53.1 in December, whose figure was revised down from 53.9.
Analysts had expected the ISM index of purchasing managers to rise by 1.4 points to 54.5 in January.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices rose more-than-expected in January, climbing by 8.0 points to 55.5 from 47.5 in December and above expectations for a reading of 49.5.
The New Orders Index increased 2.8 points to 57.6, reflecting the 33rd consecutive month of growth in new orders.
Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, “Manufacturing is starting out the year on a positive note, with new orders, production and employment all growing in January."
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD climbing 0.77% to trade at 1.3185.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average rallied 1%, the S&P 500 index rose 0.95%, while the Nasdaq Composite index climbed 0.6%.