The U.S. manufacturing sector’s expansion slowed in February, according to data released Thursday by the Institute for Supply Management. The report followed disappointing data covering January consumer activity that led some economists to mark down their estimates of first-quarter economic growth.
The ISM’s manufacturing purchasing managers’ index fell to 52.4 last month from 54.1 in January. The February reading was the weakest since November. A reading above 50 indicates expanding activity.
Economists surveyed by Dow Jones Newswires had expected the February PMI to increase to 54.9.
Factory surveys from regional Federal Reserve banks as well as the ISM-Chicago’s local PMI all indicated a speed-up in activity last month. Thursday’s ISM report raises questions about the strength of the expansion on a nationwide level.
Source: www.dowjones.com
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