The Institute of Supply Management – Buffalo’s January ISM index remained essentially flat for the second month in a row at 51.0 having dropped slightly from 51.8 in December. A reading above 50 indicates expansion while a reading below 50 signals contraction. The Buffalo Niagara Index appears to be aligning with the national ISM which has consistently been flat to slightly positive since late 2014. In contrast, Buffalo Niagara’s readings had been consistently higher, topping 60 through the first half of 2015, well above the national readings, before dropping sharply in August.  Although New Orders and Production were up in January, all the Buffalo Niagara sub-indices are trending down over the last year. See the full report here: BuffaloISM_January2016

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