According to the most recent data from the Institute for Supply Management, economic activity in the manufacturing sector expanded in January, and the overall economy grew for the 92nd consecutive month.

The January PMI came in at 56%, an increase of 1.5% from the seasonally adjusted December reading of 54.5%

The new orders index also moved up, although by a marginal 0.1% to 60.4%. Meanwhile the production index rose 2% to 61.4% in January and the employment index registered a 56.1% reading, an increase of 3.3% compared to the previous month.

According to Bradley J. Holcomb, chair of the ISM’s manufacturing business survey committee, the PMI, new orders and production indexes all reached their highest levels since November 2014.

Inventories of raw materials and the prices index also increased in January, with inventories recording a 40.5% reading, up 1.5% from December, while the prices index finished at 69%, up 3.5% from the previous month. This indicates higher raw material prices for the 11th consecutive month.

Of the 18 manufacturing industries, 12 reported growth in January, including plastics and rubber products, miscellaneous manufacturing and transportation equipment. Nonmetallic mineral products, wood products and electrical equipment were some of the industries to report retraction.