Manufacturing Continues To Grow

The February Manufacturing PMI registered 60.8%, an increase of 2.1%  from the January reading of 58.7%. (ISM)

– The New Orders Index jumped 3.7% to 64.8%

– The Production Index was up 2.5% to 63.2%

– The Employment Index was up 1.8% to 54.4%

Unfortunately, it wasn’t all good news.  Disruptions to the supply chain are still causing problems.  This is evident by the increase in backlogs and prices

– The Backlog of Orders Index jumped 4.3% to register at 64%.  This is the highest level since April 2004.

– The Prices Index jumped 3.9% to register at 86%.  This is the highest since July 2008.

 Timothy R. Fiore, Chair of the Institute for Supply Management Manufacturing Business Survey Committee, said in a statement, “Manufacturing performed well for the ninth straight month, with demand, consumption and inputs registering strong growth compared to January. Labor-market difficulties at panelists’ companies and their suppliers continued to restrict manufacturing-economy expansion and will remain the primary headwind to production growth until employment levels and factory operations can return to normal across the entire supply chain,”