The sputtering global economy is catching up with U.S. factories. While still in expansion territory, the Institute for Supply Management manufacturing index fell to 53.5% in January from 55.1% in December.
The January figure fell just below the consensus forecast of 54.0%, but still represented the 20th consecutive month of growth in the sector.
New orders continued to grow, with a reading of 52.9%, and ISM reported that most industries were experiencing strong demand. But ISM’s index for new export orders slipped from 52.0% in December to 49.5%, falling into contraction after 25 months of growth.
Read more on manufacturing growth on IndustryWeek.