Manufacturing expanded in February as the Institute for Supply Management's purchasing index registered 60.8 percent, an increase of 1.7 percentage points from the January reading of 59.1 percent.
“This indicates growth in manufacturing for the 18th consecutive month at strong levels led by continued expansion in new orders, production activity, employment and inventories, with suppliers continuing to struggle delivering to demand. The PMI at 60.8 percent is the highest level of expansion seen since May 2004, when it reached 61.4 percent,” said Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
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