02:43 PM EST, 01/23/2025 (MT Newswires) -- Manufacturing declines in the US Midwest region held steady this month, while the expected pace of growth cooled, the Federal Reserve Bank of Kansas City said Thursday.

The headline gauge for activity was unchanged at minus 5 in January, according to the Kansas City Fed's composite index. A survey compiled by Bloomberg indicated an improvement of five points to zero this month.

Both durable and nondurable goods manufacturing declined slightly, with printing decreasing while paper manufacturing picking up, according to the regional Fed.

The production index declined to minus 9 in January from minus 6 the month prior. Shipments improved to minus 6 from minus 12 while the index charting new orders improved to minus 6 from minus 16, the Kansas City Fed's data showed.

"Regional factory activity contracted modestly in January," Megan Williams, associate economist at the Kansas City Fed, said. "However, capital expenditures remain unchanged from this time last year, and firms expect increases in activity in the next six months."

Six months out, the seasonally adjusted composite index dipped to 15 this month from 17 in December. The future production component slid to 28 from 40 while shipments fell to 23 from 31. The forward-looking orders index decreased by five points to 30.

The current employment measure held steady at 1, while its future value fell to 10 in January from 19 in December.