US manufacturing PMI shows strongest improvement since September 2022

ISTANBUL

The US Manufacturing Purchasing Managers’ Index (PMI) rose in January, signaling the strongest improvement in operating conditions since September 2022, global data provider S&P Global said Thursday in a report.

The index, which measures the activity level of purchasing managers in the manufacturing sector, rose 2.8 points to 50.7 in January, up from 47.9 in December, ending two consecutive months of decline, according to the figures.

The market expectation for the index was to come in at 50.3.

A reading above 50 indicates expansion and below 50 shows contraction.

"The opening month of 2024 saw an improvement in the health of the US manufacturing sector for the first time since April 2023," said the report.

"Greater new orders and stronger output expectations for the year ahead spurred firms to hire workers, as employment rose for the first time since last September," it added.