The manufacturing sector expanded in February for the second month in a row following 26 consecutive months of contraction, according to the Manufacturing ISM Report on Business. The report was issued by the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.
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The Purchasing Managers Index (PMI) was 50.3%, 0.6 percentage point lower than January.
Here’s the breakdown of the February PMI:
- The New Orders Index dropped into contraction territory from 55.1% to 48.6%, 6.5 percentage points lower than January.
- The Production Index registered 50.7%, down 1.8 percentage points from 52.5%.
- The Prices Index was 62.4%, up 7.5 percentage points from 54.9%.
- The Backlog of Orders Index registered 46.8%, up 1.9 percentage points from 44.9%.
- The Employment Index registered 47.6%, down 2.7 percentage points from 50.3%.
- The Supplier Deliveries Index was 54.5%, up 3.6 percentage points from 50.9%.
- The Inventories Index was 49.9%, up 4 percentage points from 45.9%.
- The New Export Orders Index registered 51.4%, down 1 percentage point from 52.4%.
- The Imports Index was 52.6%, up 1.5 percentage points than 51.1%.
Ten manufacturing industries report growth:
- Petroleum & Coal Products
- Miscellaneous Manufacturing
- Primary Metals
- Wood Products
- Food, Beverage & Tobacco Products
- Electrical Equipment, Appliances & Components
- Chemical Products
- Plastics & Rubber Products
- Fabricated Metal Products
- Transportation Equipment
Five industries reporting contraction:
- Furniture & Related Products
- Textile Mills
- Nonmetallic Mineral Products
- Computer & Electronic Products
- Machinery
