Factory sector grows for 21st month, but at slower pace: ISM
AFP, March, 2005
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WASHINGTON (AFP) — US factory activity expanded for the 21st month in February, but the pace slowed, a survey by the Institute of Supply Management showed.
The ISM index -- a closely watched gauge of the manufacturing sector -- fell to 55.3 percent in February from 56.4 in January. Any number above 50 indicates growth, so the report suggests a slower rate of expansion.
The figure was however below the average estimate of 57 percent expected by Wall Street economists.
"February was another good month in the manufacturing sector," said ISM survey chief Norbert Ore.
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"While the overall rate of growth is slowing, the overall picture is improving as price increases and shortages are becoming less of a problem. Exports and imports remain strong. The recent trend of inventory ...
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