The latest monthly report from the Institute for Supply Managements (ISM) showed a slight decrease in manufacturing expansion, as new orders, employment and production are down slightly.
According to reports, the group’s PMI index for February was at 54.2 percent, a decrease from 56.6 in January. Despite the slight decrease, the number is indicative of continued overall growth in the industry. A PMI above 50 percent indicates the sector is growing, while a PMI under 50 percent means it is contracting.
According to the report, cold weather was a significant driver in the slight reduction. Past ISM reports have also indicated a drop in production during the winter months.