US ISM Manufacturing PMI rose to 60.8 in February, up from 58.7, above expectation of 58.9. This equals the highest reading since February 2018, which was then the highest since May 2004.
Looking at some details, new orders rose 3.7 to 64.8. Production rose 2.5 to 63.2. Employment rose 1.8 to 54.4. ISM said: “The Manufacturing PMI continued to indicate strong sector expansion and U.S. economic growth in February. Four of the five subindexes that directly factor into the PMI were in growth territory and at a higher level compared to January.”
Prices jumped 3.9 to 86.0, highest since May 2008. ISM said, “Aluminum, copper, chemicals, all varieties of steel, soy, petroleum-based products including plastics, transportation costs, electrical and electronic components, corrugate, and wood and lumber products all continued to record price increases.”
