US ISM Manufacturing PMI rose from 47.4 to 47.7 in February, below expectation of 47.9. Looking at some details, new orders rose from 42.5 to 47.0. Production dropped from 48.0 to 47.3. Employment dropped from 50.6 to 49.1. Prices jumped from 44.5 to 51.3.
ISM said: “This is the fourth month of slow contraction and continuation of a downward trend that began in June 2022…
“The past relationship between the Manufacturing PMI and the overall economy indicates that the February reading (47.7 percent) corresponds to a change of minus-0.3 percent in real gross domestic product (GDP) on an annualized basis.”
