A poor start to this afternoon's US data releases.
The Markit manufacturing purchasing managers' index (PMI) has stayed flat at 53.7 in January. Analysts had been expecting a small rise to 53.8.
Any number above 50 implies expansion, so the sector certainly isn't dying just yet.
We're still having to account for the bad weather over the holidays, and it's not yet clear whether the freeze will have anything more than a temporary impact on the data.