ISM February Factory Index Recedes, But Remains Near Two-Decade High

Transport Topics, March, 2004 by Anonymous

The Institute for Supply Management said its factory index for February was 61.4, down from 63.6 the month earlier that had been the highest since December 1983.

February was the 10th month the index has been greater than 50, signaling expansion.

In other economic news:

* ISM's nonrnanufacturing index dropped to 60.8 in February from an all-time high of 65.7.

* The University of Michigan said its final reading of consumer sentiment for February fell to 94.4 from 103.8 in January, which was the highest level in more than three years.

* The Commerce Department said construction spending dipped 0.3% in January and factory orders fell 0.5%. Excluding transportation equipment, orders rose 1.4%.

* Worker productivity grew at a 2.6% annual rate in the fourth quarter of 2003, the Labor Department said.