Manufacturing Growth Sped Up in February
1 Mar 2021
The growth of manufacturing in the U.S. accelerated further in February, a survey by the Institute for Supply Management showed Monday.
The ISM Manufacturing Report on Business PMI jumped at 60.8 in February, up from 58.7 in January. That’s the highest level since August 2018 and indicates a powerful expansion for the manufacturing sector.
The manufacturing sector figure suggests that the overall economy expanded for the ninth month in a row after the economy shrank in in March, April, and May of 2020.
The reading beats the forecast of 58.9 from economists polled by Econoday.
“Another month of strong production growth suggests that the US manufacturing sector is close to fully recovering the output lost to the pandemic last year, and a renewed surge in optimism suggests the recovery has much further to run,” said Chris Williamson, Chief Business Economist at IHS Markit said.
February 2021 ISM and Markit Manufacturing Surveys Mixed
The ISM Manufacturing survey improved and remains in expansion. The Markit PMI manufacturing index marginally declined but remains in expansion. The index value of ISM and Markit are similar.
Analyst Opinion of the Manufacturing Surveys
Based on these surveys and the district Federal Reserve Surveys, one would expect the Fed s Industrial Production index growth rate to be the same as last month. Overall, surveys do not have a high correlation to the movement of industrial production (manufacturing) since the Great Recession. No question these surveys suggest the economy is no longer in recession.
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WASHINGTON (dpa-AFX) - U.S. manufacturing activity grew at an accelerated rate in the month of February, according to a report released by the Institute for Supply Management on Monday.The ISM