Manufacturing expanded in February following a decline in January, and the overall economy grew for the 64th consecutive month, according to the latest Manufacturing ISM Report on Business.
February proved to be a good month in the manufacturing sector as New Orders, Production and Employment contributed to a solid growth scenario, ISM reports. The Inventories Index showed significant reduction in manufacturers’ inventories for the second consecutive month, and the Backlog of Orders Index is growing once again.
While the prices manufacturers pay reached their highest level in five months, concern about prices is still minimal due to the small number of commodities indicated as up in price. The trend in manufacturing, as well as the overall economy, is for slow but continuing growth.
Economic indicators at MDM’s Databank.