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3/1/2021, 4:00 PM (Source: TeleTrader)
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ISM Manufacturing PMI up to 60.8 in February

United States manufacturing activity expanded for the ninth consecutive month in a row in February, with the Purchasing Managers' Index (PMI) climbing up to 60.8%, the Institute for Supply Management (ISM) reported on Monday.

Almost all the sub-indexes improved during the month. The New Orders Index grew 3.7 percentage points (pps) to 64.8%, while the Production Index advanced 2.5 pps to 63.2%. The Backlog of Orders Index rose 4.3 pps month-on-month to 64%. Employment Index stood at 54.4, up 1.8 pps compared to January. Inventories Index fell 1.1 pps to 49.7, while Prices Index jumped 3.9 pps to 86%. New Export Orders Index rose 2.3 pps to 57.2% and Imports Index decreased 0.7 pps to 56.1%.

"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," ISM chair Timothy Fiore said.

Baha Breaking News (BBN) / MD