US manufacturing grows for 2nd straight month: ISM report
For the second month straight, US factories are showing growth.
The latest ISM report puts February's Manufacturing PMI at 52.4%—a tiny dip from January, but still better than most experts expected.
This is a big deal since the sector just came out of a 10-month slump in January.
Prices shot up to highest point
The details are a bit mixed: new orders and production slowed down slightly, and hiring is still lagging (employment stayed below the neutral mark).
But prices shot up to their highest point, according to the ISM report—a sign that things are heating up, but also pushing costs higher for many firms.
Backlogs hit their highest level
Twelve industries—from chemicals to electronics—are on the upswing. But not everyone's celebrating: apparel, furniture, and food-related sectors actually shrank last month.
Backlogs (unfinished work) also hit their highest level, according to the ISM report, so there's plenty left to do on factory floors.