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U.S. markets recover from steep losses
TEMPE, Ariz., March 1 (UPI) -- U.S. manufacturing expanded in February following a month-earlier decline, while the overall economy grew, a private industry group reported Thursday.
The Institute for Supply Management's manufacturing index registered 52.3, up 3 points from January's 49.3 reading. A reading above 50 indicates growth.
"February proved to be a good month in the manufacturing sector as new orders, production and employment contributed to a solid growth scenario," Chairman Norbert Ore said. "The trend in manufacturing, as well as the overall economy, is for slow but continuing growth."
Apparel, leather and allied products; petroleum and coal products; and plastics and rubber products were the best-performing sectors among the 13 reporting growth, the institute said.
The group also noted inflation pressures moved to a five-month high, with the prices index rising to 59 from 53 the month before. The price index was at 47.5 in December.
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