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February Manufacturing ISM Report On Business: PMI at 56.7%

Monday, March 06, 2006

Press release from the issuing company

(Tempe, Arizona) — Economic activity in the manufacturing sector grew in February for the 33rd consecutive month, while the overall economy grew for the 52nd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business. The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee. "The manufacturing sector gained momentum in February as the New Orders, Production, Employment and Inventories Indexes contributed to a faster rate of growth in the PMI. On the down side, the Supplier Deliveries Index slowed offsetting a portion of the overall improvement. Prices, driven by volatility in energy markets, continue to be a major source of concern for ISM's survey respondents." TOP PERFORMING INDUSTRIES The 17 industries reporting growth in February — listed in order — are: Miscellaneous*; Apparel; Textiles; Transportation & Equipment; Primary Metals; Tobacco; Food; Electronic Components & Equipment; Rubber & Plastic Products; Printing & Publishing; Industrial & Commercial Equipment & Computers; Fabricated Metals; Wood & Wood Products; Instruments & Photographic Equipment; Chemicals; Paper; and Furniture. PMI The PMI indicates that the manufacturing economy grew in February for the 33rd consecutive month as it registered 56.7 percent, an increase of 1.9 percentage points when compared to January's seasonally adjusted reading of 54.8 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. A PMI in excess of 42 percent, over a period of time, generally indicates an expansion of the overall economy. The February PMI indicates that both the overall economy and the manufacturing sector are growing. "The past relationship between the PMI and the overall economy indicates that the average PMI for January and February (55.8 percent) corresponds to a 4.7 percent increase in real gross domestic product (GDP). In addition, if the PMI for February (56.7 percent) is annualized, it corresponds to a 5.1 percent increase in real GDP annually."




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