ISM: Manufacturing expansion slowed in February
Manufacturing expanded at a slower pace in February compared to January, according to the latest report on manufacturing from the Institute for Supply Management (ISM).
ISM's PMI registered 54.2 percent, a decrease of 2.4 percentage points from the January reading of 56.6 percent.
“This indicates growth in manufacturing for the 30th consecutive month. The PMI reversed a January increase in expansion primarily through an expansion softening of a combined 8.9 points in production and employment. The index reached its lowest level of expansion since November 2016, when the PMI measured 53 percent,” said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
The New Orders Index registered 55.5 percent, a decrease of 2.7 percentage points from the January reading of 58.2 percent. The Production Index registered 54.8 percent, 5.7-percentage point decrease compared to the January reading of 60.5 percent.
INDUSTRIAL SUPPLY MAGAZINE
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