Investing.com - Manufacturing activity in the U.S. expanded at a slower rate than expected in February, industry data showed on Thursday.
In a report, the Institute for Supply Management said its index of purchasing managers fell by 1.7 point to 52.4 in February from a reading of 54.1 in January.
Analysts had expected the ISM index of purchasing managers to rise by 0.5 points to 54.6 in February.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices increased more-than-expected last month, climbing by 6.0 points to 61.5 from 55.5 in January and above expectations for a reading of 57.2.
The New Orders Index decreased 2.7 points to 54.9 from 57.6.
Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, “As was the case in January, new orders, production and employment all grew in February, although at somewhat slower rates than in January. Comments from the panel continue to reflect a generally positive outlook for the next few months."
Following the release of the data, the U.S. dollar held on to modest gains against the euro, with EUR/USD dipping 0.05% to trade at 1.3318.
Meanwhile, U.S. equity markets remained higher, with the Dow Jones Industrial Average rising 0.35%, the S&P 500 index gaining 0.3%, while the Nasdaq Composite index added 0.25%.
In a report, the Institute for Supply Management said its index of purchasing managers fell by 1.7 point to 52.4 in February from a reading of 54.1 in January.
Analysts had expected the ISM index of purchasing managers to rise by 0.5 points to 54.6 in February.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that the ISM index of manufacturing prices increased more-than-expected last month, climbing by 6.0 points to 61.5 from 55.5 in January and above expectations for a reading of 57.2.
The New Orders Index decreased 2.7 points to 54.9 from 57.6.
Bradley J. Holcomb, chair of the ISM Manufacturing Business Survey Committee said, “As was the case in January, new orders, production and employment all grew in February, although at somewhat slower rates than in January. Comments from the panel continue to reflect a generally positive outlook for the next few months."
Following the release of the data, the U.S. dollar held on to modest gains against the euro, with EUR/USD dipping 0.05% to trade at 1.3318.
Meanwhile, U.S. equity markets remained higher, with the Dow Jones Industrial Average rising 0.35%, the S&P 500 index gaining 0.3%, while the Nasdaq Composite index added 0.25%.