March 15, 2017

Manufacturing Continues to Expand

February’s PMI of 57.7 percent was the highest reading since August 2014, reports the Institute for Supply Management, Tempe, Ariz. Up 1.7 percentage points from January, the February reading represents the sixth straight month of expansion for the manufacturing sector. A reading above 50 percent indicates growth.

In other findings, the New Orders Index registered 65.1 percent, an increase of 4.7 percentage points from January. The Production Index registered 62.9 percent, up 1.5 percentage points. Inventories of raw materials registered 51.5 percent, an increase of 3 percentage points. The Prices Index registered 68 percent, indicating higher raw materials prices for the 12th consecutive month.

ISM surveys corporate purchasing managers each month. “Comments from the panel largely indicate strong sales and demand, and reflect a positive view of business conditions, with a watchful eye on commodities and the potential for inflation,” says Bradley J. Holcomb, chairman of ISM’s Manufacturing Business Survey Committee. Fully 17 of the 18 manufacturing industries polled reported growth in February, including the metals-intensive industries of machinery, primary metals and fabricated metal products.

The average PMI for the year of 56.9 percent corresponds to a 4.3 percent increase in real GDP, according to ISM.


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Sunday, June 25, 2017