U.S. Manufacturing Sector Expands for 19th Consecutive Month
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Economic activity in the U.S. manufacturing sector expanded in February for the nineteenth consecutive month, and the overall economy grew for the twenty-first consecutive month, the nation's supply executives report in the latest Manufacturing ISM Report on Business. The report was issued this week by Norbert J. Ore,, chair of the Institute for Supply Management Manufacturing Business Survey Committee, Tempe, Ariz., USA.
"February's report from the manufacturing sector indicates continuing strong performance as the PMI registered 61.4%, a level last achieved in May 2004. New orders and production, driven by strength in exports in particular, continue to drive the composite index (PMI). New orders are growing significantly faster than inventories, and the Customers' Inventories Index indicates supply chain inventories will require continuing replenishment. The Employment Index is above 60% for only the third time in the past decade," Ore notes.
Of the 18 manufacturing industries, 14 reported growth in February, in the following order: Apparel, Leather & Allied Products; Petroleum & Coal Products; Transportation Equipment; Electrical Equipment, Appliances & Components; Machinery; Chemical Products; Fabricated Metal Products; Computer & Electronic Products; Textile Mills; Food, Beverage & Tobacco Products; Printing & Related Support Activities; Paper Products; Wood Products; and Miscellaneous Manufacturing. The four industries reporting contraction in February were Plastics & Rubber Products, Primary Metals, Nonmetallic Mineral Products, and Furniture & Related Products.
The full text version of the Manufacturing ISM Report on Business is posted on ISM's web site.
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