Flash U.S. PMI for January missed expectations, hitting 53.7.
Expectations were for a reading of 55 versus 54.4 prior.
Flash PMI is a preliminary reading of Markit’s purchasing manager’s index, a survey of economic activity among U.S. companies.
Extreme weather led to the sharpest lengthening of suppliers’ delivery times since August 2008.
All readings slowed — meaning they remained above 50 but fell — or contracted. Here’s the full rundown:
Markit’s chief economist Chris Williamson commented:
“The flash PMI indicates that the manufacturing sector continued to grow at the start of 2014, and that the underlying trend most likely remained reassuringly robust. After allowing for companies that saw production and sales disrupted by the cold weather, the rate of growth of output and orders remained as strong, if not stronger, than seen late last year. Output looks to be growing at an underlying rate of 2% per quarter, which is generating ongoing robust job creation of around 10,000 per month. “The survey provides the first indication of national economic trends at the start of 2014, and suggests that the worrying dip in non-farm payrolls seen in December is likely to have been a temporary blip in a firmer long-term trend.”