Manufacturing on 19-month growth spurt

TEMPE, Ariz., March 1 (UPI) -- U.S. manufacturing expanded for the 19th consecutive month in February, the Institute of Supply Management said Tuesday.

The Purchasing Managers Index, a composite index that includes new orders, production and employment, rose to 61.4 in the month, higher than the break-even point of 50 and higher than January's reading of 60.8.

The new orders index rose for the 20th consecutive month to 68 from 67.8. The production index also gained, climbing from 63.5 to 66.3.

Employment among manufacturing businesses rose from 61.7 to 64.5. Exports rose from 62 to 62.5, while imports held steady at 55.

Prices accelerated for the 20th consecutive month, with the index covering manufacturing expenses for materials climbing from 81.5 to 82.

Overall, "February's report from the manufacturing sector shows continuing strong performance," said Norbert Ore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee, in a statement.

Fourteen of 18 manufacturing industries reported growth in the month, led by apparel, transportation, electrical equipment, machinery, chemical products and computer and electronic products.

Plastics and rubber products, primary metals, nonmetallic mineral products and furniture manufacturing showed declines in the month, the report said.