Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Monday. The U.S. final manufacturing purchasing managers' index (PMI) increased to 52.4 in January from 51.2 in December, down from the previous estimate of 52.7.

A reading above 50 indicates expansion in economic activity.

The index was driven by a faster pace of growth in output and new orders. Job creation eased in January.

"Despite picking up slightly, the January PMI reading is one of the worst seen over the past two years, highlighting the ongoing plight of the manufacturing sector," Markit's Chief Economist Chris Williamson said.