A report released by the Institute for Supply Management on Monday showed U.S. manufacturing activity saw a slight expansion in the month of February.
The ISM said its purchasing managers index edged down to 50.1 in February from 50.9 in January, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to dip to 50.5.
“Global supply chains are impacting most, if not all, of the manufacturing industry sectors,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Overall, sentiment this month is marginally positive regarding near-term growth.”
The modest decrease by the headline index came as the new orders index fell to 49.8 in February from 52.0 in January, indicating a slight decrease in new orders.
The production index also slid to 50.3 in February from 54.3 in January, while the employment index inched up to 46.9 from 46.6 but still indicates a drop in manufacturing jobs.
The report also said the prices index tumbled to 45.9 in February from 53.3 in January, pointing to a decrease in prices.
On Wednesday, the ISM is scheduled to release a separate report on activity in the service sector in the month of February. The non-manufacturing index is expected to slip to 54.9 in February from 55.5 in January.
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