Manufacturing Slows as ISM's PMI Dips in February

Manufacturing activity slowed its rate of growth in February, according to the latest Manufacturing ISM Report on Business. The headline PMI fell further than expected last month, coming in at 54.2, a 2.4 point decline, and below the general consensus of 55.0.

“Production expansion continued in February, but at a slower pace compared to January,” said Timothy Fiore, chairman of the Institute for Supply Management. “Production was not able to keep pace with customer-inventory demand and was not able to prevent a growth in backlog orders. Weather conditions causing factory shutdowns may have contributed to the weaker expansion performance.”