US factory activity slips further in February, ISM says

1st Mar 2024 15:45

(Sharecast News) - Manufacturing sector activity in the U.S. shrank at a slightly quicker pace in February than during the prior month, the results of a closely-followed survey revealed.

The Institute for Supply Management's factory sector Purchasing Managers' Index slipped from a reading of 49.1 for January to 47.8 in February.

Economists had penciled-in a reading of 49.5.

Both for the headline PMI as well as for all subindices, the 50.0 point level marked the threshold between an expansion or a contraction.

Significantly, the subindex tracking new orders fell back from 52.5 to 49.2, while that for production slipped from 50.4 to 48.4.

A gauge linked to levels of employment dipped from 47.1 to 45.9, while that for price paid dipped from 52.9 to 52.5.

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