Posted March 1, 2022

February manufacturing index rose 1 percent

The Institute for Supply Management (ISM) February Manufacturing index registered 58.6 percent, an increase of 1 percentage point from the January reading of 57.6 percent.

This figure indicates expansion in the overall economy for the 21st month in a row after a contraction in April and May 2020.

The New Orders Index registered 61.7 percent, up 3.8 percentage points compared to the January reading of 57.9 percent. The Production Index registered 58.5 percent, an increase of 0.7 percentage point compared to the January reading of 57.8 percent.

“The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment. The COVID-19 omicron variant remained an impact in February; however, there were signs of relief, with recovery expected in March," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. "A higher-than-normal quits rate and early retirements continued. Panel sentiment remained strongly optimistic, with 12 positive growth comments for every cautious comment, up from January’s ratio of 7-to-1."

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