Economic activity in the US manufacturing sector contracted in February for the fourth consecutive month following a 28-month period of growth, according to the latest Manufacturing ISM Report On Business.
The February Manufacturing PMI registered 47.7 percent, 0.3 percentage point higher than the 47.4 percent recorded in January. Regarding the overall economy, this figure indicates a third month of contraction after a 30-month period of expansion. In the last two months, the Manufacturing PMI has been at its lowest levels since May 2020, when it registered 43.5 percent. Index breakdown:
| Index | February level | January level |
| New Orders | 47 | 42.5 |
| Production | 47.3 | 48 |
| Prices | 51.3 | 44.5 |
| Backlog of Orders | 45.1 | 43.4 |
| Employment | 49.1 | 50.6 |
| Supplier Deliveries | 45.2 | 45.6 |
| Inventories | 50.1 | 50.2 |
| New Export Orders | 49.9 | 49.4 |
| Imports | 49.9 | 47.8 |
The four manufacturing industries that reported growth in February are: apparel, leather and allied products; transportation equipment; petroleum and coal products; and electrical equipment, appliances and components.
The 14 industries reporting contraction in February, in the following order, are: printing and related support activities; paper products; wood products; textile mills; furniture and related products; nonmetallic mineral products; plastics and rubber products; food, beverage and tobacco products; chemical products; primary metals; computer and electronic products; fabricated metal products; machinery; and miscellaneous manufacturing.