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The Institute for Supply Management’s U.S. manufacturing index fell in January to its lowest level since May. The index reading of 51.3 in January still indicated growth — readings above 50 indicate expansion. However, January’s reading was a sharp decline from December’s reading of 56.5.
January’s cold weather may have impacted economic conditions, according to the report.
“A number of comments from the panel cite adverse weather conditions as a factor negatively impacting their businesses in January, while others reflect optimism and increasing volumes in the early stages of 2014” said Bradley Holcomb, chair of the Institute for Supply Management’s manufacturing business survey committee.
The employment portion of the index fell to a reading of 52.3 in January, down from December’s reading of 55.8. January’s reading was the lowest reading since June, but it still indicated growth.