U.S. manufacturing grew in February

Eleven of 18 manufacturing groups reported business growth in the ISM Purchasing Managers Index, which came in at 56.5 for the month.

The expansion was slower than the previous month, when the Purchasing Managers Index was 58.4. Numbers in the index above 50 indicate growth.

New orders remained above 50 at 59.5, but showed slower growth than January, when the new orders index was 65.9. The employment index, however, showed stronger growth, coming in at 56.1, compared to 53.3 a month earlier.

The production index showed growth for the ninth consecutive month at 58.4 and inventories showed the 46th consecutive month of declines at 47.3.

"This is the third consecutive month of growth in the employment index. With these levels of activity, manufacturers are seemingly willing to hire where they have orders to support higher employment," said Norbert Ore, chairman of the Institute for Supply Management's Manufacturing Business Survey Committee.

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