US Factory Growth Highest Since 2004: ISM
The Institute for Supply Management’s Manufacturing PMI in the US jumped to 60.8 in February from 59.1 in January, beating market expectations of 58.7. The reading pointed to the highest expansion in manufacturing since May of 2004 amid stronger business conditions and faster job creation. In contrast, new orders and production eased despite maintaining high levels of expansion.
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The pace of growth improved for employment (59.7 from 54.2 in January); inventories (56.7 from 52.3); backlogs of orders (59.8 from 56.2); new export orders (62.8 from 59.8); and imports (60.5 from 58.4). On the other hand, a slowdown was seen for new orders (64.2 from 65.4) and production (62 from 64.5). Also, price pressures intensified (74.2 from 72.7); customers' inventories fell further (43.7 from 45.6); and supplier deliveries eased (61.1 from 59.1).
Of the 18 manufacturing industries, 15 reported growth in February, in the following order: Printing & Related Support Activities; Primary Metals; Machinery; Computer & Electronic Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Plastics & Rubber Products; Fabricated Metal Products; Chemical Products; Transportation Equipment; Textile Mills; Miscellaneous Manufacturing; Paper Products; Electrical Equipment, Appliances & Components; and Food, Beverage & Tobacco Products. Two industries reported contraction during the period: Apparel, Leather & Allied Products; and Furniture & Related Products.