US ISM Manufacturing index rose from 57.6 to 58.6 in February, above expectation of 57.9. Looking at some details, production rose from 57.8 to 58.5. New orders rose from 57.9 to 61.7. Employment dropped from 54.5 to 52.9. Prices dropped from 76.1 to 75.6.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for February (58.6 percent) corresponds to a 3.5-percent increase in real gross domestic product (GDP) on an annualized basis.”
