Who could have seen that coming? It appears that for all the bluster that the US economy could somehow decouple from the rest of the world's demise (when as always it is simply and timing issue - lagged response), America's manufacturing renaissance is dying. Markit's US Manufacturing PMI printed 53.7 in January, missed expectations of 54.0 falling for the 5th month in a row to the lowest in 12 months. While day after day, investors are told that low oil prices are unambiguously good for America, Manufacturing PMI was last lower than this in October 2013 as survey respondents note clients operating in the oil and gas sector have weighed on new order volumes in January. Slower new business growth was a key factor weighing on the overall performance of the U.S. manufacturing sector in January. Volumes of new work have increased in each month since September 2009, but the latest upturn was the weakest for a year and slightly slower than the average seen during the current period of expansion. Reports from survey respondents suggested that improving domestic economic conditions continued to boost new order levels, but overall export demand remained lacklustre. Meanwhile, some manufacturers noted that reduced spending among clients operating in the oil and gas sector had weighed on new order volumes during January. Chart: Bloomberg