January manufacturing remains solidly in expansion, but price pressures continue to ramp up The January Institute for Supply Management (ISM) Manufacturing Index showed manufacturing growth (a reading above 50) decelerated more than anticipated. The index declined to 58.7 from December's downwardly revised 60.5 level, and versus the Bloomberg consensus estimate of a dip to 60.0. This index came off the highest level since early 2018 as new orders and production growth declined but both figures remained north of 60, and employment moved modestly further into expansion territory. Prices remained elevated, rising 4.5 points to 82.1, a level not seen since April 2011, indicating continued supplier pricing power. The ISM said, "The manufacturing economy continued its recovery in January. Survey committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in