ISM: Manufacturing sector activity fails to grow for 13th consecutive month

Economic activity in the manufacturing sector failed to grow in February for the 13th consecutive month, and the overall economy contracted for the fifth consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®.

The report was issued today by Norbert J. Ore, C.P.M., chair of the Institute for Supply Management™ Manufacturing Business Survey Committee. "Manufacturing continues to decline at a rapid rate in February. While production has slowed its rate of decline, employment continues to fall precipitously. Prices continue to decline, but price advantages are not sufficient to overcome manufacturers' apparent loss of demand. Survey respondents appear generally pessimistic about recovery in 2009. Some express hope that the stimulus package will help their industry."

None of the 18 manufacturing industries reported growth. The industries reporting contraction in February — listed in order — are: Primary Metals; Wood Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Paper Products; Textile Mills; Fabricated Metal Products; Nonmetallic Mineral Products; Miscellaneous Manufacturing; Plastics & Rubber Products; Chemical Products; Machinery; Transportation Equipment; Computer & Electronic Products; Petroleum & Coal Products; Printing & Related Support Activities; Apparel, Leather & Allied Products; and Food, Beverage & Tobacco Products.

The full report can be found here.