The overall economy grew for the 32nd straight time, while the manufacturing sector expanded for the 30th time, the Institute for Supply Management reported Wednesday.
According to the ISM’s monthly report on business, the ISM index climbed to 54.1 in January from a revised 53.1 in December, the result of benchmark revisions.
Economists predicted the index would climb to 54.5.
An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion. A reading of 50 shows the sector was unchanged in the month.
The prices paid index jumped to 55.5 from 47.5.
The employment index was at 54.3, down from 54.8 in December. The production index decreased to 55.7 from 58.9.