The overall economy contracted for the fourth consecutive month in January but at a pace slower than expected, according to the Arizona-based Institute for Supply Management.
The institute’s Purchasing Managers Index, or PMI, hit 35.6 in January after registering a 32.9 reading in December. The index, which is based on a survey of purchasing executives across a wide number of industries, said the economy is contracting at a slower rate now than it has in recent months.
The institute said the continuing decreases in prices paid by manufacturers for supplies “should ultimately be good for the consumer.”
