The Institute of Supply Management’s closely watched PMI Index increased to 60.8 for February, its highest level in 14 years, indicating continued manufacturing expansion nationwide. This is the 18th month in a row of growth for U.S. manufacturing. These national results are generally consistent with the Empire State Manufacturing Survey which posted its highest level since 2004 in January before cooling slightly in February.
Although ISM’s New Orders and Production still showed growth, they dropped from their January levels. However, Employment, Supplier Deliveries, Backlog and Export Orders were all up. Only two sectors, Apparel, Leather & Allied Products and Furniture & Related Products, reported contraction in February while 15 sectors grew. See the full report here.
