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Economic activity in the U.S. manufacturing sector expanded at a faster rate in January than in December, according to the purchasing managers index for manufacturing released today by the Institute for Supply Management. The index rose to a reading of 53.1 in January from 50.2 in December. Readings above 50 indicate growth, and January’s reading was the highest since April.
The employment portion of the index rose 2.1 percentage points to a reading of 54.0 from a reading of 51.9 in December.
Bloomberg reports the readings beat expectations. To read the story, click here.