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Updated:
3/3/2010 8:10:00 AM
ISM Manufacturing Index Expands for Seventh Month
U.S. manufacturing activity expanded for a seventh straight month in February, the Institute for Supply Management said.
ISM’s monthly index fell to a 56.5 reading from January’s 58.4, the group said. Figures of more than 50 indicate expansion, while below that show contraction.
The reading was below economists’ forecasts of a 57.9 reading, Bloomberg reported. January’s reading had been the highest since August 2004.
“While new orders and production were not as strong as they were in January, they still show significant month-over-month growth,” said Norbert Ore, chair of ISM’s business survey committee.
The index was “very encouraging,” gaining 2.8% to 56.1%, he said in a statement.
The ISM factory index measures manufacturing components of the economy.
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