Manufacturing expanded in February for the seventh consecutive month, according to the supply executives in the latest Manufacturing ISM Report on Business. The PMI was at 56.5%, a decrease of 1.9 percentage points from January, but still indicating growth.
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The report was issued by the Institute for Supply Management Manufacturing Business Survey Committee. The committee reported that new orders and production were not as strong as they were in January, but still showed significant month-over-month growth. A bright point in the report: The Employment Index was up 2.8 percentage points for the month to 56.1%.
The 11 manufacturing industries reporting growth in February – listed in order – are: Machinery; Paper Products; Apparel, Leather & Allied Products; Computer & Electronic Products; Miscellaneous Manufacturing; Transportation Equipment; Textile Mills; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Fabricated Metal Products; and Food, Beverage & Tobacco Products. The five industries reporting contraction in February are: Wood Products; Furniture & Related Products; Primary Metals; Printing & Related Support Activities; and Chemical Products.
