The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Monday. The index rose to 48.2 in January from 48.0 in December. Analysts had expected the index to remain unchanged at 48.0.

A reading above 50 indicates expansion, below indicates contraction.

The increase was mainly driven by rises in new orders and in production. The production index increased to 50.2 in January from 49.9 in October.

The new orders index climbed to 51.5 in January from 48.8 in December.

The employment index was down to 45.9 in January from 48.0 in December.

The price index remained unchanged at 33.5 in January.