February ISM Manufacturing PMI Shows Continued Growth Despite Rising Prices

Source: Dukascopy Bank SA
In February, U.S. manufacturing continued to expand for the second month in a row, with the Manufacturing PMI at 52.4%, slightly lower than January but marking 16 months of overall economic growth. Out of 18 manufacturing industries tracked, 12 grew, led by Printing & Related Support Activities and Textile Mills, while five contracted.,

New orders and production are still growing but at a slower pace, with the New Orders Index at 55.8% and the Production Index at 53.5%. The Backlog of Orders jumped to 56.6%, the highest since May 2022, and the Imports Index rose to 54.9%, the highest since February 2022.



Employment remains in contraction at 48.8%, with companies focusing more on managing staff and attrition than hiring due to uncertain demand. Inventories are also contracting at 48.8%, but customer inventories are very low at 38.8%, which typically signals higher future production needs.

Prices have surged dramatically, with the Prices Index reaching 70.5%, its highest since June 2022, marking the 17th straight month of rising raw material costs. Steel and aluminum prices, influenced by Section 232 tariffs, are a major factor, causing higher domestic sourcing costs, which are affecting demand and profitability across industries.
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