PMI drops but manufacturers upbeat
Mar 01, 2012 | 05:17 PM
| Corinna Petry
Tags
Purchasing Managers Index,
Institute for Supply Management,
Bradley Holcomb,
Michael Montgomery,
IHS GLobal Insight. corinna petry
CHICAGO — Slower growth in new orders, backlog, production and employment pulled down the Institute for Supply Management’s purchasing managers’ index (PMI) for February to 52.4 from 54.1 the previous month.
Nevertheless, a PMI reading above 50 percent indicates that the manufacturing sector generally is expanding, and survey respondents remained upbeat.
"New orders, production and employment all grew at a somewhat slower rate than in January," the institute’s manufacturing business survey committee chairman, Bradley J. Holcomb, said Thursday, but comments "reflect a generally positive outlook for the next few months."....
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