Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Manufacturing contracts for third straight month By: FOX Business March 01, 2023 at 16:10 PM EST The Institute for Supply Management (ISM) said that its Manufacturing Purchasing Managers’ Index (PMI) reached of 47.7 last month after reaching 47.4 in January, notching the third straight month of contraction. Amid improving supply and softening demand, U.S. manufacturing contracted again in February.On Wednesday, the Institute for Supply Management (ISM) said that its Manufacturing Purchasing Managers’ Index (PMI) was little changed at a reading of 47.7 last month from 47.4 in January, although economists estimated the index would rise to 48.The figure indicates a third month of contraction after a 30-month period of expansion, according to the ISM report. A reading above 50 percent indicates that the manufacturing sector is generally expanding; below 50 percent indicates that it is generally contracting.The manufacturing PMI has been at its lowest levels the last two months since May 2020 when it registered at just 43.5.CATERPILLAR WORKERS REACH CONTRACT DEAL AT DEADLINEIn an interview with FOX Business, Brian Kuney, a VP for the South Carolina Manufacturing Extension Partnership and consultant in the supply chains of Boeing, BMW and Mercedes, said "The PMI index is the heartbeat of the supply chain, from scheduling production to the delivery of goods.""The data encompasses every facet of the sector, and the latest report is testament to our sluggish economy," he added. "Global inflationary pressures must first cool before the price of logistics can decrease and reflect upon the consumer."FORD EXTENDS F-150 PRODUCTION HALTIn January, orders for key manufactured capital goods rose by the most in five months while shipments of core goods rebounded, the Commerce Department reported on Monday. The ISM survey's forward-looking new orders sub-index improved to 47 last month from 42.5 in January, which was the lowest reading since May 2020. There was also an improvement in order books, though the backlog of unfinished work remained low.BMW ACCELERATING SOUTH CAROLINA ELECTRIC VEHICLE PRODUCTION WITH $1.7B INVESTMENTThe survey's measure of supplier deliveries was little changed at 45.2. A reading below 50 indicates faster deliveries to factories. Meanwhile, inflation could remain elevated. The ISM survey's measure of prices paid by manufacturers rebounding to 51.3 in February from 44.5 in January.Its gauge of factory employment fell to 49.1 from 50.6 last month. But this measure, which has swung up and down, has not been a good predictor of manufacturing payrolls in the government's closely watched employment report. GET FOX BUSINESS ON THE GO BY CLICKING HEREReuters contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Manufacturing contracts for third straight month By: FOX Business March 01, 2023 at 16:10 PM EST The Institute for Supply Management (ISM) said that its Manufacturing Purchasing Managers’ Index (PMI) reached of 47.7 last month after reaching 47.4 in January, notching the third straight month of contraction. Amid improving supply and softening demand, U.S. manufacturing contracted again in February.On Wednesday, the Institute for Supply Management (ISM) said that its Manufacturing Purchasing Managers’ Index (PMI) was little changed at a reading of 47.7 last month from 47.4 in January, although economists estimated the index would rise to 48.The figure indicates a third month of contraction after a 30-month period of expansion, according to the ISM report. A reading above 50 percent indicates that the manufacturing sector is generally expanding; below 50 percent indicates that it is generally contracting.The manufacturing PMI has been at its lowest levels the last two months since May 2020 when it registered at just 43.5.CATERPILLAR WORKERS REACH CONTRACT DEAL AT DEADLINEIn an interview with FOX Business, Brian Kuney, a VP for the South Carolina Manufacturing Extension Partnership and consultant in the supply chains of Boeing, BMW and Mercedes, said "The PMI index is the heartbeat of the supply chain, from scheduling production to the delivery of goods.""The data encompasses every facet of the sector, and the latest report is testament to our sluggish economy," he added. "Global inflationary pressures must first cool before the price of logistics can decrease and reflect upon the consumer."FORD EXTENDS F-150 PRODUCTION HALTIn January, orders for key manufactured capital goods rose by the most in five months while shipments of core goods rebounded, the Commerce Department reported on Monday. The ISM survey's forward-looking new orders sub-index improved to 47 last month from 42.5 in January, which was the lowest reading since May 2020. There was also an improvement in order books, though the backlog of unfinished work remained low.BMW ACCELERATING SOUTH CAROLINA ELECTRIC VEHICLE PRODUCTION WITH $1.7B INVESTMENTThe survey's measure of supplier deliveries was little changed at 45.2. A reading below 50 indicates faster deliveries to factories. Meanwhile, inflation could remain elevated. The ISM survey's measure of prices paid by manufacturers rebounding to 51.3 in February from 44.5 in January.Its gauge of factory employment fell to 49.1 from 50.6 last month. But this measure, which has swung up and down, has not been a good predictor of manufacturing payrolls in the government's closely watched employment report. GET FOX BUSINESS ON THE GO BY CLICKING HEREReuters contributed to this report.
