Economic Buzz: US ISM manufacturing index edges down in February

The Institute for Supply Management released a report on Monday showing a slight slowdown in the pace of growth in U.S. manufacturing activity in the month of February.

The ISM said its manufacturing PMI edged down to 52.4 in February after surging to 52.6 in January, but a reading above 50 still indicates growth.

The modest pullback by the headline index partly reflected slowdowns in the pace of growth by production and new orders.

The production index slid to 53.5 in February from 55.9 in January, while the new orders index fell to 55.8 in February from 57.1 in January.

Meanwhile, the ISM said the employment index crept up to 48.8 in February from 48.1 in January, although the reading below 50 still indicates a loss of jobs.

The report also said the prices index spiked to 70.5 in February from 59.0 in January, reaching its highest reading since June 2022.

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