The Institute for Supply Management's Purchasing Managers' Index (PMI) fell 1.7 percent in February to 52.4 percent. However, because any reading over 50 indicates growth, the US' manufacturing sector still expanded for the 31st consecutive month and the overall economy grew for the 33rd consecutive month.
Of the 18 manufacturing industries, 11 reported growth last month, including: machinery, primary metals, transportation equipment, petroleum and coal products, and fabricated metal products. Additionally, steel, steel bar, and hot rolled and cold rolled steel were all commodities that registered higher prices last month.
New orders dropped 2.7 percent to 54.9 percent in February, while production edged lower by 0.4 percent to 55.3; employment declined 1.1 percent to 53.2; inventories remained unchanged; exports jumped 4.5 percent; and imports increased 1.5 percent.