US manufacturing contracts for 4th month: ISM

US manufacturing activity contracted for the fourth straight month in January, though the overall economy continues to grow, the Institute for Supply Management's survey showed Monday. The ISM purchasing managers index (PMI) for the manufacturing sector registered 48.2, slightly better than the 48.0 registered in December. "We are a bit slower, but staying busy," said a survey respondent from the fabricated metal products industry.