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U.S. Manufacturing PMI dips with wood and furniture
[Mar 6, 2024]

While the overall economy continues to grow, the manufacturing PMI takes a dip, as does the wood products and furniture and related products sectors. These two industry categories contracted in multiple categories in February, according to the latest report from the Institute for Supply Management (ISM).

Wood products contracted in the overall growth, production, employment, and customers' inventories categories. Furniture & other related products contracted the most in overall growth, import orders, and new orders, second in production, fourth in employment, and second in order backlogs.

Economic activity in the manufacturing sector contracted in February for the 16th consecutive month following one month of "unchanged" status (a PMI reading of 50 percent) and 28 months of growth prior to that, say the nation's supply executives in the latest Manufacturing ISM Report On Business.

The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee.

The eight manufacturing industries reporting growth in February in order are: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Primary Metals; Plastics & Rubber Products; Fabricated Metal Products; Chemical Products; Miscellaneous Manufacturing; and Transportation Equipment. The seven industries reporting contraction in February in the following order are: Furniture & Related Products; Machinery; Wood Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Paper Products; and Electrical Equipment, Appliances & Components.

Source:  prnewswire.com