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Manufacturing Activity Continued to Slow in January

Manufacturing activity contracted for the third month in a row in January, though with a slightly higher index reading than last month, according to the S&P Global Flash U.S. Manufacturing PMI.

The top line: The headline index improved from 46.2 in December to 46.8 in January, but “the rate of decline was the second-fastest since May 2020 as manufacturing demand conditions remained subdued,” according to S&P Global.

Orders: New orders continued their downward slide, though with slower declines reported for output and exports. 

Bright spots: The index for future output strengthened, showing cautious optimism about production in the next six months.

Europe’s numbers: Meanwhile, the S&P Global Flash Eurozone Manufacturing PMI rose slightly, to 48.8 in January from 47.8 in December, a five-month high.

  • In France, manufacturers reported the first activity expansion since August, but contractions continued in Germany and the United Kingdom.


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