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Source: Institute for Supply Management Source: Federal Reserve <br />Manufacturing <br />The Institute for Suppl y Management (ISM)manufacturing index rose slightly to 47.7 in February from 47.4 in January.This is the fourth <br />consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector.The declining trend reflects <br />companies slowing outputs to better match demand in the first half of 2023 while preparing for growth in the second half of the year. Industrial <br />production was flat in January after a downward revision to -1.0%in December.Production rose for manufacturing and mining,whileutilities <br />output declined sharply in January due to much warmer weather than December.This equates to a 0.79%increase from the prior year. <br />Capacity utilization dropped to 78.3%in January from a downwardly revised 78.4%in December and has fallen below the 1972-2021 average of <br />79.6%. <br />40 <br />42 <br />44 <br />46 <br />48 <br />50 <br />52 <br />54 <br />56 <br />58 <br />60 <br />62 <br />64 <br />66 <br />Institute of Supply Management Purchasing Manager Index <br />EXPANDING <br />CONTRACTING <br />-10.0% <br />-5.0% <br />0.0% <br />5.0% <br />10.0% <br />15.0% <br />20.0% <br />Industrial Production <br />YOY( %) Change9