US ISM Manufacturing Index dropped to 58.7 in January, down from 60.5, missed expectation of 59.5. Looking at some details, new orders dropped -6.4 to 61.1. Production dropped -4.0 to 60.7. But employment rose 0.9 to 52.6. Prices rose 4.5 to 82.1.
ISM said: “The manufacturing economy continued its recovery in January. Survey committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are continuing to cause strains that limit manufacturing growth potential. However, panel sentiment remains optimistic (three positive comments for every cautious comment), similar to December levels.”.
