Popular Hong Kong new online media HK01 Network recently reported that, according to the just-released U.S. Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) Report, starting in January, the U.S. manufacturing sector stopped its five-month decline and returned to expansion. The January PMI number recorded was 50.9, which is the highest since last July. The new number beats the general expectation of 48.5 from economists. The much needed manufacturing boost injected significant positive energy to Wall Street since the sector had been a drag on the U.S. economy, which showed strong growth on employment and consumer spending. PMI is an indicator of financial activity reflecting purchasing managers’ acquisition of goods and services. A PMI number below 50 typically reflects a decline.
Source: HK01, February 4, 2020