February PMI Back Over 60 Percent
By Metal Center News Staff
on Mar 1, 2021
The Manufacturing PMI jumped back over 60 percent in February, continuing a strong run-up since the second quarter of 2020. The January PMI was 58.7 percent, reports the Institute for Supply Management.
The nation’s purchasing managers signaled growth in many areas, with New Orders climbing 3.7 percentage points to 64.8 percent, Production Index gaining 2.5 percentage points to 63.2 percent and the Employment Index was at 54.4 percent, up 1.8 percentage points from January.
Fabricated metal products, one of the six largest manufacturing industries, showed growth in February. Others reporting growth included primary metals, appliances and components, transportation equipment and miscellaneous manufacturing.
The PMI in February, annualized over a full year, would correspond to a 5 percent increase in GDP, said Timothy Fiore, chair of the ISM’s Manufacturing Business Survey Committee.