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US manufacturing sector sinks further in January
Trump’s tax reform was ‘rocket fuel’ for the manufacturing economy: Jay Timmons
National Association of Manufacturers CEO Jay Timmons discusses how Washington lawmakers can help bring manufacturing back to America on ‘The Claman Countdown.’
US manufacturing contracted further in January as higher interest rates stifled demand for goods, but factories did not appear to be laying off workers in large numbers.
The Institute for Supply Management (ISM) said on Wednesday that its manufacturing PMI dropped to 47.4 last month from 48.4 in December. The third straight monthly contraction pushed the index to the lowest level since May 2020 and below the 48.7 mark viewed as consistent with a recession in the broader economy.
Economists polled by Reuters had forecast the index falling to 48.0. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 11.3% of the U.S. economy.