Slower new business growth was a key factor weighing on the overall performance of the U.S. manufacturing sector in January. Volumes of new 1 Please note that Markit’s PMI data, flash and final, are derived from information collected by Markit from a different panel of companies to those that participate in the ISM Report on Business. No information from the ISM survey is used in the production of Markit’s PMI. work have increased in each month since September 2009, but the latest upturn was the weakest for a year and slightly slower than the average seen during the current period of expansion. Reports from survey respondents suggested that improving domestic economic conditions continued to boost new order levels, but overall export demand remained lacklustre. Meanwhile, some manufacturers noted that reduced spending among clients operating in the oil and gas sector had weighed on new order volumes during January. Despite softer new business growth, manufacturing sector production levels increased at a robust pace during the latest survey period. Moreover, the rate of output growth picked up slightly from the 11-month low registered in December










