US Manufacturing Growth Eases in January to the Lowest in 14 Months

Source: Institute for Supply Chain Management

US Manufacturing PMI was posted at 57.6% in January, down by 1.2 percentage points from December. SPY is down -0.30%, DXY is down -0.27%.

• The PMI was the lowest since November 2020 but underlined manufacturing expansion for the 20^th straight month.
• Supplier deliveries held at 64.6, an encouraging figure as analysts projected a worsening of the reading following the Omicron wave. 
• The New Orders Index fell by 3.1 percentage points to 57.9 in January, with the Backlog of Orders Index at 56.4%, down 6.4 percentage points from December. The overall production index fell by 1.6 percentage points to 57.8%.
• The Employment Index improved by 0.6 percentage points to 54.5%.
• The New Export Orders Index gained by 0.1 percentage points to 53.7 in January, while the imports gauge rose by 1.3 percentage points to 55.1%.
• Factory prices continued to surge, with a reading of 76.1 in January, up from 68.2 in December.