Manufacturing PMI Dips to Still-Strong 57.6% in January

Sentiment among purchasing managers surveyed by the Institute for Supply Management remains strongly optimistic despite a small dip in the January Manufacturing PMI to a reading of 57.6%. The index reading above 50% indicates growth in the manufacturing sector for the 20th consecutive month since the COVID-related contraction in April and May 2020.

“The U.S. manufacturing sector remains in a demand-driven, supply-chain-constrained environment, but January was the third straight month with indications of improvements in labor resources and supplier delivery performance,” said Timothy Fiore, chairman of ISM’s Manufacturing Business Survey Committee. “Still, there were shortages of critical intermediate materials, difficulties in transporting products and lack of direct labor on factory floors due to the COVID-19 omicron variant.”