WASHINGTON, March 1 (Xinhua) — U.S. manufacturing activity in February accelerated to the fastest pace since August 2014, a sign of growing momentum for the economy.
The manufacturing index, also known as the purchasing managers index (PMI), registered 57.7 in February, an increase of 1.7 points from the previous month, the Institute for Supply Management (ISM) said in a report on Wednesday.
A reading above 50 indicates the sector is generally expanding, while a reading below that level indicates contraction.
The new orders index surged 4.7 points from the previous month to 65.1; production index went up 1.5 points to 62.9; while employment index went down 1.9 points to 54.2.
Of the 18 manufacturing industries, 17 were reporting growth in February, while only furniture industry reported contraction.
According to the ISM, businesses surveyed reported strong sales and demand and expected positive business conditions, while they also expressed their concerns for potential inflation.