The manufacturing sector contracted in February for the fifth consecutive month, while the overall economy grew for the 81st consecutive month, according to supply executives in the latest Manufacturing ISM Report on Business. The February PMI was 49.5 percent, an increase of 1.3 percentage points from the January reading.
The New Orders Index registered 51.5 percent, the same reading as in January. The Production Index registered 52.8 percent, 2.6 percentage points higher than January. The Employment Index registered 48.5 percent, 2.6 percentage points above the January reading.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
Of the 18 manufacturing industries, nine are reporting growth in February in the following order: Textile Mills; Wood Products; Furniture & Related Products; Miscellaneous Manufacturing; Electrical Equipment, Appliances & Components; Food, Beverage & Tobacco Products; Chemical Products; Primary Metals; and Paper Products.
The seven industries reporting contraction in February – listed in order – are: Apparel, Leather & Allied Products; Petroleum & Coal Products; Computer & Electronic Products; Printing & Related Support Activities; Transportation Equipment; Plastics & Rubber Products; and Fabricated Metal Products.
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