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Economic activity in the nation's manufacturing sector continued expanding in February, according to two surveys of nation's purchasing managers. One report shows conditions are the best in two years while the other indicates things are slightly cooler than they were at the beginning of 2017.
The closely watched Purchasing Managers' Index from the Institute for Supply Management posted a final February reading of 57.7%, an increase from January's level of 56%. This marks the sixth straight month of growth and it's the highest reading since August 2014. A reading above 50% indicates expansion while below that level shows contraction.
The New Orders Index registered 65.1%, an increase of 4.7 percentage points from the January reading of 60.4%, its highest reading since December 2013. The Production Index registered 62.9%, 1.5 percentage points higher than the January reading of 61.4% and its highest level since March 2011.
"Comments from the panel largely indicate strong sales and demand, and reflect a positive view of business conditions with a watchful eye on commodities and the potential for inflation,” said Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee
Of the 18 manufacturing industries surveyed, 17 reported growth in February.
“The past relationship between the PMI and the overall economy indicates that the average PMI for January through February of 56.9% corresponds to a 4.3% increase in real gross domestic product [GDP] on an annualized basis,” said Holcomb. “In addition, if the PMI for February is annualized, it corresponds to a 4.5% increase in real GDP annually."
Such rates compare to the GDP expanding at a annual rate of 1.9% in the fourth quarter of 2016.
A separate report from the financial information services provider IHS Markit also shows the U.S. manufacturing sector continued to expand at a robust pace, although the latest upturn was slightly weaker than seen at ...Read the rest of this story
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