Updated: Feb 4, 2022
In its monthly Manufacturing Report on Business, ISM said that the report’s key metric, the PMI, at 57.6 (a reading of 50 or higher indicates growth), was down 1.2% compared to December’s 58.8. This marks the 20th consecutive month of growth, at a slower rate, coupled with January also representing the 20th consecutive month of growth for the overall economy.
The 57.6 January PMI reading represents the lowest reading over the last 12 months, with March’s 64.7 representing the highest reading.
ISM reported that 14 manufacturing sectors saw gains in January, including: Apparel, Leather & Allied Products; Furniture & Related Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Machinery; Electrical Equipment, Appliances & Components; Food, Beverage & Tobacco Products; Transportation Equipment; Primary Metals; Fabricated Metal Products; Computer & Electronic Products; Chemical Products; Petroleum & Coal Products; and Plastics & Rubber Products. The only industry reporting a sequential decline is Paper Products. ISM noted that each of the six biggest manufacturing sectors— Machinery; Food, Beverage & Tobacco Products; Transportation Equipment; Computer & Electronic Products; Chemical Products; and Petroleum & Coal Products—registered moderate to strong growth in January.