The Institute for Supply Management-Chicago’s PMI index shows Midwest manufacturing in the region slowed to 59.6 in January.
Even though the index for Midwest manufacturing sector came in slightly higher than Wall Street’s estimate of 59, it is down slightly from 60.8 in the month of December. The new orders sub-component surged to 64.6 from 43.9 the month prior.
Readings above 50 point to expansion, while those below indicate contraction.
Meanwhile, a reading on consumer sentiment from Thomson Reuters and the University of Michigan rose slightly in late January to 81.2 from a preliminary reading of 80.4 earlier in the month. Wall Street anticipated a reading of 81.