February 2023 ISM® Report On Business®: Manufacturing

The U.S. manufacturing sector contracted in February, as the Manufacturing PMI^® registered 47.7 percent, 0.3 percentage point higher than the reading of 47.4 percent recorded in January. This is the fourth month of slow contraction and continuation of a downward trend that began in June 2022. Of the five subindexes that directly factor into the Manufacturing PMI^®, only one (the Inventories Index), was in growth territory, and just barely. Only three of the 10 subindexes were positive for the period.