Economic activity in the manufacturing sector expanded in February for the seventh consecutive month, and the overall economy grew for the 10th consecutive month, according to the current Manufacturing ISM Report On Business.
"While new orders and production were not as strong as they were in January, they still show significant month-over-month growth," Norbert J. Ore, CPSM, C.P.M., chair of the Institute for Supply Management Manufacturing Business Survey Committee, stated in a published report at the Wall Street Journal Online.
The Employment Index is up 2.8 percentage points for the month to 56.1 percent. That is the third consecutive month of growth, and the report notes the activity level may lead to more hiring.
The 11 manufacturing industries reporting growth in February are machinery, paper products, apparel, leather and allied products, computer and electronic products, miscellaneous manufacturing, transportation equipment, textile mills, plastics and rubber products, electrical equipment, appliances and components, fabricated metal and food, beverage and tobacco.
The five industries experiencing constriction are wood products, furniture and related products, primary metals, printing and related support activities and chemical products.
According to a Bloomberg report, production at factories, mines and utilities increased .1 percent in February, the eighth consecutive increase, according to Federal Reserve figures.
The newspaper article states that manufacturers, which make up about 12 percent of the economy, will likely continue to lead the recovery as equipment spend increases and there is greater demand from expanding global economies.