Economic activity in the US manufacturing sector expanded in February, and the overall economy grew for the 118th consecutive month, according to the latest Manufacturing ISM Report On Business.
The February PMI registered 54.2 percent, a decrease of 2.4 percentage points from the January reading of 56.6 percent.
The New Orders Index registered 55.5 percent, a decrease of 2.7 percentage points from the January reading of 58.2 percent.
The Production Index registered 54.8 percent, 5.7-percentage point decrease compared to the January reading of 60.5 percent.
The Employment Index registered 52.3 percent, a decrease of 3.2 percentage points from the January reading of 55.5 percent.
The Supplier Deliveries Index registered 54.9 percent, a 1.3 percentage point decrease from the January reading of 56.2 percent.
The Inventories Index registered 53.4 percent, an increase of 0.6 percentage point from the January reading of 52.8 percent.
The Prices Index registered 49.4 percent, a 0.2-percentage point decrease from the January reading of 49.6 percent, indicating lower raw materials prices for the second straight month after nearly three years of increases.
Of the 18 manufacturing industries, 16 reported growth in February, in the following order: printing and related support activities; textile mills; computer and electronic products; electrical equipment, appliances and components; fabricated metal products; paper products; wood products; primary metals; chemical products; food, beverage and tobacco products; miscellaneous manufacturing; petroleum and coal products; transportation equipment; machinery; furniture and related products; and plastics and rubber products.
The only industry reporting contraction in February is nonmetallic mineral products.