Wood products industry sputters the most in new PMI survey
The U.S. manufacturing downturn deepened in January, fueled by a further pullback in orders and factory production. Of the 15 industries tracked, Wood products contracted the most while furniture was the fourth-ranked industry in terms of contraction.
The Institute for Supply Management’s gauge of factory activity fell for a fifth straight month in January to 47.4, the weakest since May 2020. Readings below 50 indicate contraction.