Purchasing Managers Index Indicates Minimal Growth for January 2023

The Purchasing Managers Index (PMI) for the month of January 2023 was 50.5, 10.3% lower than the previous month of December 2022 PMI of 56.3 and compared to January 2022 with a PMI of 56 is 9.8% lower. For context the PMI is a measure of the economic course the manufacturing sector experiences where a value of 50 on the PMI indicates no change, a value above 50 indicates growth, and a value below 50 indicates a contraction. The 50.5 PMI value of January 2023 thus indicates minimal growth, and almost no change, for the manufacturing sector.