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PMI Shows Manufacturing Growth in February

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Economic activity in the manufacturing sector expanded in February, reports the Institute for Supply Management in its latest Report on Business. The PMI in February was 54.2 percent, a decline of 2.4 percentage points from January.

Of the 18 manufacturing industries, 16 reported growth in February, including fabricated metal products, primary metals, appliances and components and miscellaneous manufacturing.

Among other indices, the New Orders Index was at 55.5 percent, a decrease of 2.7 percentage points from January, the Production Index registered 54.8 percent, down 5.7 percent from January and the Employment Index declined 3.2 percentage points to 52.3 percent.

A PMI above 42.9 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the February PMI indicates growth for the 118th consecutive month in the overall economy and 30th straight month of growth in the manufacturing sector.

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