Manufacturing activity showed growth for the ninth consecutive month, according to the Institute for Supply Management’s (ISM) Report on Business.
The PMI, the index used by the ISM to measure manufacturing activity, increased 1.9 percent to 53.2 in February, which is 0.6 percent below the 12-month average of 53.8 and its third-lowest reading since last May’s 50.0. The PMI is still over the 50 mark—which is the benchmark of strong economic activity—in 14 of the last 15 months, coupled with the overall economy growing for 57 straight months, according to the ISM.
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