ISM's Purchasing Managers' Index Inched Down to 52.4% in Feb.

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ISM's Purchasing Managers' Index Inched Down to 52.4% in Feb.

Tempe, AZ, March 2, 2026-The Manufacturing PMI (Purchasing Managers’ Index) registered 52.4% in February, a 0.2-percentage point decrease compared to the reading of 52.6 in January, according to the latest ISM Manufacturing PMI Report. 

The overall economy continued in expansion for the 16th month. (A Manufacturing PMI above 47.5%, over a period of time, generally indicates an expansion of the overall economy.) 

The New Orders Index expanded for the second straight month after four straight readings in contraction, registering 55.8%, down 1.3 percentage points compared to January’s figure of 57.1%. The February reading of the Production Index (53.5%) is 2.4 percentage points lower than January’s reading of 55.9%. 

The Prices Index remained in expansion (or ‘increasing’ territory), registering 70.5%, an 11.5-percentage point jump from January’s reading of 59% and its highest reading since June 2022 (78.5%). 

The Backlog of Orders Index registered 56.6%, up 5 percentage points compared to the 51.6% recorded in January and its highest reading since May 2022 (58.7%). The Employment Index registered 48.8%, up 0.7 percentage point from January’s figure of 48.1%.

The Supplier Deliveries Index indicated a further slowing for the third month in a row after one month in ‘faster’ territory. The reading of 55.1% is up 0.7 percentage point from the 54.4% recorded in January. (Supplier Deliveries is the only ISM PMI Reports index that is inversed; a reading of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)

The Inventories Index registered 48.8%, up 1.2 percentage points compared to January’s reading of 47.6%. The Customers’ Inventories Index reading of 38.8% is a 0.1-percentage point increase compared to January.

The New Export Orders Index reading of 50.3% is 0.1 percentage point higher than the reading of 50.2% registered in January. The Imports Index registered 54.9%, 4.9 percentage points higher than January’s reading of 50% and the highest since February 2022 (55.4%).

The 12 manufacturing industries reporting growth in February-listed in order-are printing & related support activities; textile mills; primary metals; nonmetallic mineral products; chemical products; machinery; electrical equipment, appliances & components; fabricated metal products; transportation equipment; plastics & rubber products; miscellaneous manufacturing; and computer & electronic products. The five industries reporting contraction in February are apparel, leather & allied products; furniture & related products; petroleum & coal products; wood products; and food, beverage & tobacco products.