ISM reports solid February manufacturing output

The report’s key metric, the PMI, came in at 58.6 (a reading of 50 or higher indicates growth), posting a 1.0% gain over January, marking the 21st consecutive month of growth, at a faster rate, as well as the 21st consecutive month of overall economic growth. February’s PMI reading is 1.7 below the 60.3 average over the last 12 months, with March 2021’s 63.7 marking the high for that period and January 2022’s 57.6 marking the low for that period.

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