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Economic activity in the U.S. manufacturing sector expanded for the second consecutive month in January, according to a report released by the Institute for Supply Management on Friday, with the index of activity in the sector coming in well above estimates.
The ISM said its purchasing managers index rose to 53.1 in January from a revised 50.2 in December, with a reading above 50 indicating growth in the manufacturing sector.
Economists had expected the index to come in unchanged compared to the 50.7 originally reported for the previous month.
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