The rebounding manufacturing sector in the US grew for the seventh consecutive month in February, but at a slower clip than expected, according to an industry survey published today.
The Institute for Supply Management said its manufacturing index, also known as the purchasing managers index, slowed to 56.5% in February, from 58.4% in January.
Any number above 50% indicates growth.
The figure was slightly lower than the 58.0% expected by most market watchers.
New manufacturing orders slipped 6.4 percentage points compared with January, but there was better news for America's legions of unemployed.
For the third consecutive month there was an improvement in the employment outlook. It was up 2.8 percentage points for the month to 56.1%.
'Manufacturers are seemingly willing to hire where they have orders to support higher employment,' ISM said.
