NEW YORK -- The pace of decline in U.S. manufacturing activity waned for the third straight month in January, raising hopes that recovery was imminent for the recession-mired sector.
The Institute for Supply Management's (ISM) monthly Purchasing Managers' Index rose to 49.9 in January, just shy of the key 50 level mark. A reading above 50 would indicate the sector, about one-sixth of U.S. economic activity, was expanding.