2/1, 3:46 PM (Source: TeleTrader)
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US manufacturing PMI hits record 59.2 in January

Manufacturing activity in the United States improved in January, a report by IHS Markit revealed on Monday. The index measuring the sector activity increased 2.1 points month-on-month to reach 59.2, the highest figure reported by the survey so far.

The upward trend was attributed mostly to strong client demand, and a significant rise in new orders. The report also noted that foreign client demand accelerated, due, in part, to eased coronavirus situation, but warned that supplier delays still posed a hindrance, much like the month prior, although not to the same extent.

"Demand from both domestic and export customers picked up sharply in January, buoyed by several driving forces. Consumer demand has improved while businesses are investing in more equipment and restocking warehouses, preparing for better times ahead as vaccine roll outs allow life to increasingly return to normal over the course of 2021," IHS's Chief Business Economist Chris Williamson said.

Breaking the News / BU