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U.S. manufacturing activity contracts in January

Xinhua, February 2, 2016 Adjust font size:

U.S. manufacturing activity continues contracting in January, partly because of the strong U.S. dollar and weak global growth.

The manufacturing index, also known as the purchasing managers index (PMI), registered 48.2 in January, an increase of 0.2 point from the revised December reading of 48, the Institute for Supply Management (ISM) said in a report on Monday.

A reading above 50 indicates the sector is generally expanding, while a reading below that level indicates contraction.

Employment index fell 2.1 points from the previous month to 45.9, the lowest reading since 2009, while both indexes for new orders and production registered increases from December.

The manufacturing activity has weakened over the past year, dragged by weak global growth and a strong dollar. Some economists concerned that a strong dollar will continue to weigh down on the manufacturing sector, in view of the diverging monetary policies adopted by the Federal Reserve and other major central banks. Endit