PMI drops but manufacturers upbeat
Mar 01, 2012 | 05:17 PM
| Corinna Petry
CHICAGO Slower growth in new orders, backlog, production and employment pulled down the Institute for Supply Managements 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 institutes 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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