CHICAGO, Feb. 28 (Xinhua) -- The Chicago Purchasing Managers Index (Chicago PMI), also known as Chicago Business Barometer, grew to 6.1 points in February to 49, the highest level since August 2019, the Institute for Supply Management-Chicago reported Friday.
Among the major five components of the index, four indicators reported gains and only employment reported losses.
Production gained 8.3 points to 51, hitting an eight-month high. The index shifted back into expansion following seven straight months below 50.
Demand for new orders strengthened in February, rising by 7.6 points to 49.1, the highest level since August 2019.
After dropping to a four-year low in January, order backlogs rose slightly to 38.2 in February. However, the index remained in contraction since September 2019.
Inventories rose 7.8 points, reaching a six-month high of 48.1 in February, although recording the 7th sub-50 reading.
Employment dropped to 44.5, slipping 2.4 points to the lowest level since July 2019.
Supplier Deliveries surged up to its highest level since November 2018, rising by 7.9 points to 61.3.
Prices at the factory gate cooled for the second successive month, dipping by 3.2 points to 52.9.
The Chicago PMI is a composite diffusion indicator made up of production, new orders, order backlogs, employment, and supplier deliveries compiled through surveys. Values above 50 indicate expanding manufacturing activity.
