US Factory Activity Growth Beats Expectations: ISM
The Institute for Supply Management’s Manufacturing PMI rose to 57.7 in February of 2017 from 56 in January and well above market expectations of 56. It is the highest reading since August of 2014 amid rising new orders and production while employment eased. Comments from the panel largely indicate strong sales and demand, and reflect a positive view of business conditions.
The New Orders Index registered 65.1 percent, an increase of 4.7 percentage points from the January reading of 60.4 percent.
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The Production Index registered 62.9 percent, 1.5 percentage points higher than the January reading of 61.4 percent.
The Employment Index registered 54.2 percent, a decrease of 1.9 percentage points from the January reading of 56.1 percent.
Inventories of raw materials registered 51.5 percent, an increase of 3 percentage points from the January reading of 48.5 percent.
The Prices Index registered 68 percent in February, a decrease of 1 percentage point from the January reading of 69 percent, indicating higher raw materials prices for the 12th consecutive month.