U.S. manufacturing activity contracted in January, its fourth straight monthly drop according to the new survey from the Institute for Supply Management, even while the overall economy continues to grow.
The ISM purchasing managers index (PMI) for the manufacturing sector registered 48.2, slightly better than the downwardly-revised 48.0 registered in December. Anything below 50 indicates contraction.
More than half of the 18 industries surveyed reported business was worse — led by the oil and gas sector, which has been cutting back sharply amid the plunge in oil prices.
