Economic activity in the US manufacturing sector grew in February, with the overall economy notching a ninth consecutive month of growth, according to the latest Manufacturing ISM Report On Business.
The February Manufacturing PMI registered 60.8 percent, an increase of 2.1 percentage points from the January reading of 58.7 percent. This figure indicates expansion in the overall economy for the ninth month in a row after contraction in March, April, and May. Index breakdown:
|Index||February level||January level|
|Backlog of Orders||64||59.7|
|New Export Orders||57.2||54.9|
Of the 18 manufacturing industries, 16 reported growth in February, in the following order: textile mills; electrical equipment, appliances and components; primary metals; paper products; chemical products; machinery; fabricated metal products; transportation equipment; wood products; plastics and rubber products; computer and electronic products; apparel, leather and allied products; food, beverage and tobacco products; miscellaneous manufacturing; furniture and related products; and nonmetallic mineral products.
The two industries reporting contraction in February are: printing and related support activities; and petroleum and coal products.