February 9, 2024 - Economic activity in the manufacturing sector contracted in January for the 15th consecutive month following a 28-month period of growth, said the nation's supply executives in the latest Manufacturing Institute for Supply Management (ISM) Report On Business.
US new export orders receded to a reading of 45.2 under December’s 49.9, while imports rose to 50.1 over December’s 46.4. Any number of 50.0 or above indicates growth.
In the Heartland overall business conditions improved, but trade languished.
“After falling below growth neutral in November, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, bounced above the 50.0 growth neutral threshold for both December and January,” reported Ernie Goss PhD, director of Creighton University’s Economic Forecasting Group and the Jack A. MacAllister Chair in Regional Economics in the Heider College of Business.
“Trade numbers were weak for the month with new export orders sinking to 35.8 from December’s 47.0. January’s import reading climbed to a weak 47.3 from 36.9 in December,” said Prof Goss.