Manufacturing in U.S. Begins to Steady as New Orders Expand
- Half of industries expand for the first time since August
- ISM survey chairman says manufacturing may have found bottom
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Factory activity in February shrank less than forecast as gains in new orders and production provided signs that the beleaguered industry could soon stabilize.
The Institute for Supply Management’s index climbed to 49.5, the highest since September, from 48.2 in January, a from the Tempe, Arizona-based group showed Tuesday. While the reading was just shy of 50, the dividing line between contraction and expansion, last month’s improvement corroborates other industry reports that suggest the manufacturing slump may be easing.