Manufacturing grew in February as the Institute for Supply Management’s Manufacturing PMI registered 60.8%, 2.1% higher than the January reading of 58.7%. This equals the highest reading since February 2018 (60.8%); prior to that, the PMI registered 61.4% in May 2004.

Four of the five subindexes that directly factor into the PMI were in growth territory and at a higher level compared to January. Of the six biggest manufacturing industries, five — chemical products; fabricated metal products; transportation equipment; computer & electronic products; and food, beverage & tobacco products — expanded.