by Calculated Risk on 3/01/2022 10:05:00 AM

(Posted with permission). The ISM manufacturing index indicated expansion. The PMI® was at 58.6% in February, up from 57.6% in January. The employment index was at 52.9%, down from 54.5% last month, and the new orders index was at 61.7%, up from 57.9%.

From ISM: Manufacturing PMI® at 58.6% February 2022 Manufacturing ISM® Report On Business®

Economic activity in the manufacturing sector grew in February, with the overall economy achieving a 21st consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee:

“The February Manufacturing PMI® registered 58.6 percent, an increase of 1 percentage point from the January reading of 57.6 percent. This figure indicates expansion in the overall economy for the 21st month in a row after a contraction in April and May 2020. The New Orders Index registered 61.7 percent, up 3.8 percentage points compared to the January reading of 57.9 percent. The Production Index registered 58.5 percent, an increase of 0.7 percentage point compared to the January reading of 57.8 percent. The Prices Index registered 75.6 percent, down 0.5 percentage point compared to the January figure of 76.1 percent. The Backlog of Orders Index registered 65 percent, 8.6 percentage points higher than the January reading of 56.4 percent. The Employment Index registered 52.9 percent, 1.6 percentage points lower than the January reading of 54.5 percent. The Supplier Deliveries Index registered 66.1 percent, an increase of 1.5 percentage points compared to the January figure of 64.6 percent. The Inventories Index registered 53.6 percent, 0.4 percentage point higher than the January reading of 53.2 percent. The New Export Orders Index registered 57.1 percent, up 3.4 percentage points compared to the January reading of 53.7 percent. The Imports Index registered 55.4 percent, a 0.3-percentage point increase from the January reading of 55.1 percent.”
emphasis added

This suggests manufacturing expanded at a slightly faster pace in February than in January.