Afternoon Coffee: January ISM PMI Registers 48.2%, East Coast Port Operations Resume After Worker Walkout

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The U.S. manufacturing sector contracted in January for the fourth straight month, according to the latest ISM PMI, which registered at 48.2% for the month, a 0.2% increase from December. A reading below 50% generally means growth in manufacturing is declining.

Operations at New York and New Jersey ports resumed over the weekend after port workers walked off the job Friday. The Waterfront Commission of New York Harbor has started to investigate what sparked the unexpected walkout at the ports.

Toyota is halting car production in Japan due to a lack of parts from Aichi Steel, which suffered from an explosion at a production site on Jan. 8. Toyota said it expects to resume vehicle production in Japan on Feb. 15.

U.S. consumer spending remained flat in December, the Commerce Department reported today. Incomes increased 0.3% for the month and with flat spending, the saving rate hit 5.5%, the highest since December 2012.

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