U.S. manufacturing activity’s rate of expansion declined in January, the Institute for Supply Management reported Feb. 3.
ISM’s monthly factory index declined to a 51.3 reading from 56.5 in December, the group said in its monthly report.
Figures of more than 50 indicate expansion, and figures below that level show contraction. The index was below economists’ median forecast of a 56 reading, Bloomberg News reported.
Estimates ranged from 54 to 57.5. For all of 2013, the factory index averaged 53.9.
ISM’s factory index measures manufacturing components of the economy. Manufacturing makes up about 12% of the total economy.