US manufacturing growth accelerates in February: ISM

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The ISM's figures showed a more than five point increase (54.2 to 59.7) in manufacturing employment as new data revealed that manufacturing wages and salaries rose by 4.0 percent from January to December of previous year.

Fiore, chair of the ISM, said: "This indicates growth in manufacturing for the 18th consecutive month at strong levels led by continued expansion in new orders, production activity, employment and inventories, with suppliers continuing to struggle delivering to demand".

Nigeria's manufacturing activity measured by the Purchasing Managers' Index (PMI) is relatively flat at 54.7 in February, from 54.6 reading in January. Also the Non-Manufacturing PMI dropped for the second consecutive month to 56.1 percent, down from peak of 62.1 percent recorded in December. Economists had expected the index to edge down to 58.7. Any reading above 50% indicates improving conditions.

" Eleven of the 16 subsectors recorded growth in the following order: information & communication; wholesale/retail trade; educational services; management of companies; utilities; finance & insurance; agriculture; health care & social assistance; construction; electricity, gas, steam & air conditioning supply; and professional, scientific, & technical services".

"The index indicated a slower growth in the current month, when compared to its level in the preceding month".

The backlogs index rose 3.6 points, while the price index also ticked up 1.5 points, both indicating accelerating growth. On a m/m basis, all but three components increased, and on a y/y basis Customer Inventories was the only category that showed a decline.

"The employment level index in February 2018 stood at 53.9 points, indicating growth in employment level for the tenth consecutive month".

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