ISM: Employment in Manufacturing Grows for 3d Consecutive Month
TEMPE, AZ – Manufacturing continued to grow in February, but the rate of growth decelerated, as the PMI registered 56.5%, a decrease of 1.9 percentage points sequentially, says the Institute for Supply Management.
A reading above 50% indicates the manufacturing economy is generally expanding.
New Orders registered 59.5%, down 6.4 percentage points. Production was 58.4%, down 7.8 points. Inventories contracted at a slower rate in February, as the index registered 47.3%, up 0.8 points. Customer Inventories grew 5 points to 37%, and Backlogs hit 61%, also up 5 points.
“The manufacturing sector grew for the seventh consecutive month during February. While New Orders and Production were not as strong as in January, they still show significant month-over-month growth,” said ISM spokesperson Norbert J. Ore in a press release.
The Employment Index was up 2.8 percentage points for the month to 56.1%, the third consecutive month of growth.
The overall economy grew for the 10th consecutive month, says ISM.
