The Institute for Supply Management’s survey of manufacturing conditions fell to 51.3 in January.
Consensus was for a half-point decline to 56.0 from a revised 56.5.
Anything above 50 indicates growth, so while we’re still in that range, we barely budged this month.
The prices paid index spiked to 60.5 from 53.5.
There was a lot of chatter about weather effects in the report’s anecdotes:
- “Poor weather impacted outbound and inbound shipments.” (Fabricated Metal Products)
- “Good finish to 2013, but slow start to 2014, mostly attributed to weather.” (Petroleum & Coal Products)
- “We have experienced many late deliveries during the past week due to the weather shutting down truck lines.” (Plastics & Rubber Products)
We just learned growth in Markit Economics’ reading for U.S. manufacturing slowed.