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.