Purchasing managers said the economy improved.
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The growth rate of the economy increased sharply in January as the Purchasing Managers’ Composite Index jumped to 55.8% from 50.4% in December, according to the National Assn. of Purchasing Management. January’s index was the highest since July, 1984, when the index stood at 56.1%. A total of 44% of the purchasing managers survey reported better new orders, the highest since April, 1984, when 46% reported growth in new orders.
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