ISM's closely watched survey of nation's purchasing managers shows slightly faster activity.
February 2, 2004: 10:14 AM EST
NEW YORK (CNN/Money) - U.S. manufacturing activity accelerated a bit in January, the nation's purchasing managers said Monday in a report that missed Wall Street forecasts slightly.
The Institute for Supply Management (ISM) said its index of manufacturing activity rose to 63.6 last month from a revised 63.4 in December. Economists, on average, expected an ISM index of 64, according to Briefing.com.
A reading above 50 indicates expansion in manufacturing.
U.S. stock prices were mixed after the report, while Treasury bond prices were mostly lower.
The ISM's employment index dipped to 52.9 from 53.5 in December, marking the third straight month above 50, following 37 months below that mark.
ISM's new orders index dipped to 71.1 from 73.1 in December. The group's export orders index dipped to 57.5 from 60.
ISM's price index surged to 75.5 from 66 in December. The production index rose to 71.1 from 69.2 in December.
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