Manufacturing output rose to its highest reading in three years in February to mark the ninth consecutive month of expansion, according to the latest Institute for Supply Management (ISM) Report on Business.
- Manufacturing PMI grew 2.1 percentage points to 60.8% in February from 58.7% in January. This is the highest since 60.8% in February 2018, indicating strong sector expansion and US economic growth during the month.
- Expansions were recorded in five of the six biggest industries — chemical products; fabricated metal products; transportation equipment; computer and electronic products; and food, beverage, and tobacco products.
- New export orders rose 2.3 percentage points to 57.2% to bring the index up for the eighth consecutive month at a faster rate. Likewise, imports expanded for the eighth consecutive month even as the index fell 0.7 percentage points to 56.1%.