The Institute of Supply Management’s (ISM’s) PMI index for last month was 47.7, indicating that manufacturing activity was down for the fourth consecutive month (a reading below 50.0 is consistent with contraction). Among the elements of the PMI, only Inventories and Prices grew. According to ISM, “the U.S. manufacturing sector again contracted, with the Manufacturing PMI® improving marginally over the previous month. With Business Survey Committee panelists reporting softening new order rates over the previous nine months, the February composite index reading reflects companies continuing to slow outputs to better match demand for the first half of 2023 and prepare for growth in the second half.” See the full report here.
