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Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the U.S. on Friday. The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 53.7 in January from 53.9 in December, missing expectations for a rise to 54.1.
A reading above 50 indicates expansion in economic activity.
The decline was driven by slower new business growth.
The Markit Chief Economist Chris Williamson said that the pace of expansion is slowing.
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