Economics
U.S. ISM Factory Index Declines More Than Forecast
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Factories expanded in January at the weakest pace in eight months as colder-than-usual winter weather slowed demand and production, bringing a halt to recent momentum in U.S. manufacturing.
The Institute for Supply Management’s factory index decreased to 51.3, lower than the most pessimistic forecast in a Bloomberg survey of economists, from 56.5 the prior month, the Tempe, Arizona-based group’s report showed today. Readings greater than 50 indicate growth, and the median estimate was 56.