According to Institute for Supply Management, "A Manufacturing PMI above 42.5 percent, over a period of time, generally indicates an expansion of the overall economy" (ISM 2024). Based on the PMI Report for January 2024 listed below, indicate the direction of the overall economy compared with the manufacturing sector. Does this indicate that Purchasing Managers are buying more or fewer commodities? Explain. Manufacturing at a Glance Dec Nov % Point Rate of Trend* INDEX Direction Index Index Change Change (months) Manufacturing PMI 47.4 46.7 +0.7 Contracting Slower 14 New Orders 47.1 48.3 -1.2 Contracting Faster 16 Production 50.3 48.5 +1.8 Growing From Contracting 1 Employment 48.1 45.8 +2.3 Contracting Slower 3 Supplier Deliveries 47.0 46.2 +0.8 Faster Slower Inventories 44.3 44.8 -0.5 Contracting Faster 119 15 10 Customers' Inventories 48.1 50.8 -2.7 Too Low From Too High 1 Prices 45.2 49.9 -4.7 Decreasing Faster 8 Backlog of Orders 45.3 39.3 +6.0 Contracting Slower 15 New Export Orders 49.9 46.0 +3.9 Contracting Slower 7 Imports 46.4 46.2 +0.2 Contracting Slower 14 Overall Economy Contracting Slower 3 Manufacturing Sector Contracting Slower 14 "Number of months moving in current direction. Manufacturing ISM Report On Business data has been seasonally adjusted for the New Orders, Production, Employment and Inventories indexes.