The ISM also reported Thursday that 15 out of 18 manufacturing sector exhibited growth in February, led notably by printing, primary, metals, and machinery.
However, data from the apex bank showed a weaker PMI of 56.3 points in February, against 57.3 reading in January.
The Chicago Purchasing Managers Index (PMI), an indicator of the larger US economy, dropped 3.8 points to 61.9 in February, to the lowest level since August 2017, the Institute for Supply Management (ISM) Chicago Branch said on Thursday. Economists had expected the index to edge down to 58.7. Activity has remained above the 50 mark that separates growth from contraction since June 2013, when Ireland was approaching the end of...
All seven activity sub-indexes in the Australian PMI expanded in February, marking the fourth such consecutive month.
Respondents reported that they were "strongly optimistic" about the next 12 months.
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The report showed that out of the 31 subsectors surveyed, 21 recorded growth in February, down from 29 subsectors that recorded growth out of the 34 subsectors surveyed in January. In an encouraging sign for February's employment report due next week, the rise was mainly driven by a jump in the employment index to 59.7, from 54.2. New export orders rose sharply to a cycle-high, and PMI manufacturing surveys recorded this morning imply that global demand for manufactured goods remains solid in several parts of the world.
"Labour and skill shortages are arising as issues for more manufacturers in 2018", the Ai Group said.
While the headline reading was positive, not all the news was good. However, any reading above 50 indicates expansion in the sector.
Growth in the United States economy's manufacturing sector unexpectedly rose in February, according to data from the Institute for Supply Management.