U.S. manufacturing sector slows in January; employment rises-ISM – Reuters
Economists surveyed by Reuters had actually forecast the index would drop to 57.5.
Still, rates at the factory gate marched greater.
The rise in factory work is welcome amidst fears of a possible decline in nonfarm payrolls in January.
The ISM’s index of national factory activity dropped to a reading of 57.6 last month, the most affordable given that November 2020, from 58.8 in December.
Economists polled by Reuters had actually forecast the index would drop to 57.5.
Still, rates at the factory gate marched higher.
But employee scarcities remain a barrier.
The almost broad increase was led by accommodation and food services, which reported an additional 133,000 task openings.
The nearly broad rise was led by accommodation and food services, which reported an extra 133,000 job openings. Layoffs struck a record low. check out more
“It seems clear from these data that the labor market got back at tighter at the end of December than was obvious in the December payroll information,” stated Conrad DeQuadros, senior economic consultant at Brean Capital in New York. “These data suggest that any indications of weakness in task growth in January would not represent a weakening in labor need.”