January PMI Declines 1.2 Points to 57.6%

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January PMI Declines 1.2 Points to 57.6%

Tempe, AZ, February 1, 2022-The January Manufacturing Purchasing Managers’ Index (PMI) registered 57.6%, a decrease of 1.2 percentage points from the seasonally adjusted December reading of 58.8%, say the nation's supply executives in the latest Manufacturing ISM Report On Business. This figure indicates expansion in the overall economy for the 20th month in a row after a contraction in April and May 2020. 

The New Orders Index registered 57.9%, down 3.1 percentage points compared to the seasonally adjusted December reading of 61%. 

The Production Index registered 57.8%, a decrease of 1.6 percentage points compared to the seasonally adjusted December reading of 59.4%. 

The Prices Index registered 76.1%, up 7.9 percentage points compared to the December figure of 68.2%. 

The Backlog of Orders Index registered 56.4%, 6.4 percentage points lower than the December reading of 62.8%. 

The Employment Index registered 54.5%, 0.6 percentage point higher compared to the seasonally adjusted December reading of 53.9%. 

The Supplier Deliveries Index registered 64.6%, down 0.3 percentage point from the December figure of 64.9%. 

The Inventories Index registered 53.2%, 1.4 percentage points lower than the seasonally adjusted December reading of 54.6%.

The New Export Orders Index registered 53.7%, up 0.1 percentage point compared to the December reading of 53.6%. 

The Imports Index registered 55.1%, a 1.3-percentage point increase from the December reading of 53.8%.

The 14 manufacturing industries reporting growth in January-in the following order-are apparel, leather & allied products; furniture & related products; miscellaneous manufacturing; nonmetallic mineral products; machinery; electrical equipment, appliances & components; food, beverage & tobacco products; transportation equipment; primary metals; fabricated metal products; computer & electronic products; chemical products; petroleum & coal products; and plastics & rubber products. The only industry reporting a decrease in January compared to December is paper products.