Manufacturing sees growth, for the second straight month in January, reports ISM

Manufacturing output saw growth in February, which was preceded by January growth to start the year, following a 26-month stretch of contraction, according to the new edition of the Manufacturing Report on Business, which was issued today by the Institute for Supply Management (ISM).

The report’s benchmark reading, the PMI, came in at 50.3 (a reading of 50 or higher indicates growth), down 0.6% compared to January’s 50.9 reading. The February PMI grew, at a slower rate, for the second consecutive month in February.

The February PMI represents the highest reading over the last 12 months and is 2.3% above the 12-month average of 48.6. October’s 46.9 reading marks the low over the past 12 months.

ISM reported that 10 manufacturing sectors saw growth in February, including: Petroleum & Coal Products; Miscellaneous Manufacturing; Primary Metals; Wood Products; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Chemical Products; Plastics & Rubber Products; Fabricated Metal Products; and Transportation Equipment. Sectors experiencing contraction included: Furniture & Related Products; Textile Mills; Nonmetallic Mineral Products; Computer & Electronic Products; and Machinery.

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