The U.S. manufacturing sector expanded in January, marking its first growth after more than two years of contraction, as optimism about the year-ahead outlook for production soared, partly due to hopes that President Donald Trump’s policies would improve business conditions.
The Institute for Supply Management (ISM) reported on Feb. 3 that its manufacturing purchasing managers’ index (PMI) rose to 50.9 percent in January, up from 49.2 percent in December. A PMI above 50 percent indicates expansion in the manufacturing sector.
“U.S. manufacturing activity expanded in January after 26 consecutive months of contraction,” Timothy Fiore, chair of the ISM manufacturing business survey committee, said in a statement. “Demand clearly improved, while output expanded and inputs remained accommodative.”…