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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