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<p>The Institute for Supply Management (ISM) released their January report this morning. The index came in at 47.4%, down 1 from its December reading and worse than consensus. This is its third consecutive month of contraction and its lowest since May 2020. Here’s the latest from the press release:</p>
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<p>“The U.S. manufacturing sector again contracted, with the Manufacturing PMI® at its lowest level since the coronavirus pandemic recovery began. With Business Survey Committee panelists reporting softening new order rates over the previous nine months, the January composite index reading reflects companies slowing outputs to better match demand in the first half of 2023 and prepare for growth in the second half of the year.</p>
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<div class="wp-block-uagb-blockquote uagb-block-71f51306 uagb-blockquote__skin-border uagb-blockquote__with-tweet uagb-blockquote__tweet-style-classic uagb-blockquote__tweet-icon_text uagb-blockquote__stack-img-none"><blockquote class="uagb-blockquote"><div class="uagb-blockquote__content">“The U.S. manufacturing sector again contracted, with the Manufacturing PMI® at its lowest level since the coronavirus pandemic recovery began. With Business Survey Committee panelists reporting softening new order rates over the previous nine months, the January composite index reading reflects companies slowing outputs to better match demand in the first half of 2023 and prepare for growth in the second half of the year.<br><br><em>… “Of the six biggest manufacturing industries, one — Transportation Equipment — registered growth in January.</em></div><footer><div class="uagb-blockquote__author-wrap uagb-blockquote__author-at-left"><cite class="uagb-blockquote__author"><em>… “New order rates remain depressed due to buyer and supplier disagreements regarding price levels and delivery lead times; these should be resolved by the second quarter. In the meantime, panelists’ companies are attempting to maintain head-count levels during the anticipated slow first half in preparation for a strong performance in the second half of 2023.</em></cite></div><a href="/" class="uagb-blockquote__tweet-button" target="_blank" rel="noopener noreferrer"><svg width="20" height="20" viewBox="0 0 512 512"><path d="M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z"></path></svg>Tweet</a></footer></blockquote></div>
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