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,”