US ISM Manufacturing PMI fell from 49.1 to 47.8 in February, below expectation of 49.5. Manufacturing sector continued to contract for the 16th month.
Looking at some details, new orders fell from 52.5 to 49.2. Production fell from 50.4 to 48.4. Employment fell from 47.1 to 45.9. Prices fell from 52.9 to 52.5.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the February reading (47.8 percent) corresponds to a change of plus-1.5 percent in real gross domestic product (GDP) on an annualized basis.”
