US Factory Gauge Falls for Fifth Month to Lowest Since May 2020
- ISM index dropped to 47.4 in January, trailing forecasts
- Orders, production gauges also declined to mid-2020 levels
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The US manufacturing downturn deepened last month, fueled by a further pullback in orders and factory production.
The Institute for Supply Management’s gauge of factory activity fell for a fifth straight month in January to 47.4, the weakest since May 2020 and less than the median estimate in a Bloomberg survey of economists. Readings below 50 indicate contraction.