The Institute for Supply Management's (ISM) manufacturing index fell 1.6 points in January compared with December but remained above the 50.0 threshold for expansion at 53.5. Most of the subindexes decreased from the previous months' readings. Although still indicating expansion, the new orders subindex fell 4.9 points, and the production subindex decreased 1.2 points. Despite falling 1.9 points from December, the employment subindex remained in expansionary territory, indicating growth in manufacturing payrolls for the 19th consecutive month. According to the ISM report, 14 of 18 manufacturing industries surveyed reported growth in January. Several anonymous comments by ISM survey participants suggested that the West Coast port slowdown was hampering their business activity.
