ISM Manufacturing Index Contracts

Manufacturing in the U.S. contracted in January for the 12th straight month, the Institute for Supply Management said Monday.

ISM’s monthly factory services index fell to a reading of 35.6 in January, up from 32.4 in December. Figures of more than 50 indicate expansion, while below that shows contraction.

ISM’s gauge of new orders rose to 33.2, from 23.1 in December, which had been the lowest level on record.

Export orders rose to 37.5 from 35.5, while inventories fell to 37.5, the lowest since July 2001.