January U.S. manufacturing activity rose to the highest level since June, the Institute for Supply Management said Wednesday.
ISM’s monthly factory index rose to a reading of 54.1, from a revised 53.1 in December that was lower than originally estimated, the group said in its monthly report. Figures over 50 indicate expansion.
January marked the index’s 30th straight month of expansion, but the reading was lower than economists’ projections of a rise to 54.5, Bloomberg reported.
ISM’s factory index measures manufacturing components of the economy.