CHICAGO, Feb. 1 (Xinhua) -- U.S. manufacturing activity continued steady expansion in January despite at a slower pace.
The manufacturing index, also known as the purchasing managers index (PMI), registered 59.1, down from December's reading of 59.3, the Institute for Supply Management (ISM) said in a report on Thursday.
A reading above 50 indicates the sector is generally expanding, while a reading below that level indicates contraction.
The new orders index fell 2.0 points from the previous month to 67.4; production index went down 0.7 point to 65.4, and the employment index also edged down 3.9 points to 54.2.
Inventories and supplier delivery rebounded. The price index surged to the highest level since May 2011.
Of the 18 manufacturing industries, 14 industries reported expansion while four industries saw contraction during the period.
U.S. economy grows at an annual rate of 2.6 percent in the fourth quarter of 2017, leading the whole year's growth to reach 2.3 percent. With the passage of the tax cuts bill last year, economists widely expected the economy would continue a steady growth this year.
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