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U.S. Manufacturing Index Unexpectedly Dips To 47.8 In February
(RTTNews) - Manufacturing activity in the U.S. unexpectedly contracted at an accelerated rate in the month of February, according to a report released by the Institute for Supply Management on Friday.
The ISM said its manufacturing PMI dipped to 47.8 in February from 49.1 in January, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.5.
The unexpected decrease by the headline index partly reflected a downturn by new orders, as the new orders index slid to 49.2 in February from 52.5 in January.
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