March 2, 2016

PMI at 49.5% in February

Economic activity in the manufacturing sector contracted for the fourth consecutive month, reports the Institute for Supply Management in its monthly Report on Business. The PMI for February was 49.5 percent, which represented a 1.3 percentage point increase from January, but still remained below a reading of 50 that represents growth.

Of the 18 manufacturing industries surveyed, nine reported growth in February, including miscellaneous manufacturing, appliances and components, and primary metals. Among the industries reporting contraction were transportation equipment and fabricated metal products.

Among other indices, the New Orders Index was at 51.5 percent, the same as January; the Production Index increased 2.6 percentage points to 52.8 percent; and the Employment Index increased 2.6 percentage points to 48.5 percent.

February’s PMI of 49.5 percent, if annualized, would represent a 2 percent increase in real GDP, reports Bradley J. Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. The average PMI for the first two months would correspond to a 1.8 percent increase in GDP.


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Saturday, December 16, 2017