February PMI down by 2.4 percent

Industrial Distribution staff -- Industrial Distribution, 3/3/2008 7:38:00 AM

Economic activity in the manufacturing sector in the United States failed to grow in February, according to the latest Manufacturing Institute for Supply Management’s Report on Business. 

The February PMI was 48.3 percent, a decline of 2.4 percent from January’s reading of 50.7 percent. A reading above 50 indicates expansion in the manufacturing sector; a reading below 50 indicates contraction.

"The manufacturing sector failed to grow during [February] as the PMI fell below 50 percent, which indicates weaker performance … compared to January,” Norbert Ore, chairman of the Manufacturing Business Survey Committee, said. “Manufacturers' order backlogs continue to erode as the New Orders Index remained below 50 percent for the third consecutive month. … (T)he major concern is rising prices and falling volume."

Some industries reported growth in February. Among them were apparel, leather & allied products; wood products; plastics & rubber products; miscellaneous manufacturing; primary metals; food, beverage & tobacco products; and transportation equipment.

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