Slowest manufacturing growth in US since Trump’s electionStaff Writer |
America The prices companies pay for supplies continued to drop
American manufacturers grew their businesses in February at the slowest pace since the election of President Donald Trump.
Although any number above 50% reflects a growing economy, the closely followed ISM index has fallen off from a 14-year high of 60.8% last summer.
The index for new orders dropped 2.7 points to 55.5%, with production falling a steeper 5.7 points to 54.8%. Employment slipped 3.2 points to 52.3% — also the lowest in two years.
On the positive side, the prices companies pay for raw materials and other supplies continued to drop in line with a gradual decline in inflation.
What’s more, 16 of the 18 industries tracked by the ISM reported growth. That’s another good sign. ■
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