WASHINGTON, D.C. — U.S. manufacturing activity accelerated slightly in January to a 20-year high, according to U.S. purchasing managers.
The Institute for Supply Management (ISM) said its index of manufacturing activity rose to 63.6 in January from a revised 63.4 in December. A reading above 50 indicates expansion in manufacturing. January’s index was the highest since 69.9 in December 1983.
The manufacturing sector has long been among the weakest aspects of the total U.S. economy. But various national and regional are showing a strong rebound in manufacturing activity in recent months, driven in part by a surge in demand in the second half of 2003, reports CNN Money.
ISM’s new orders index dipped to 71.1 from 73.1 in December. The group’s export orders index dipped to 57.5 from 60.
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