The manufacturing Purchasing Managers' Index fell to 54.5 in January from 56.1 in December. A PMI reading above 50 suggests growth in the manufacturing sector.
Both output and new order growth eased in January. Export orders rose modestly and average lead time for delivery declined. Input purchases rose for the 10th straight month in January and purchasing activity grew for the fourteenth month in a row. Staffing level increased in January, with the rate of growth highest in six months.
Outstanding works rose for the sixteenth month in a row. Confidence regarding the 12-month outlook remained positive, but dropped to its lowest for fourteen months.
Average operating costs rose at an elevated rate that was the strongest since mid-2021. Output charges increased at the sharpest rate for three months.
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