Commodity trader Gunvor to plead guilty to US bribery charges

The US manufacturing sector remained in contraction territory in February as new orders weakened after improving in January.

The Institute for Supply Management said its index tracking factory activity fell to a reading of 47.8 last month from 49.1 in January, missing economists expectations for a reading of 49.5. A figure below 50 indicates that the sector is contracting. 

Demand moderated last month after new orders rebounded in January, while production slowed. Companies reduced headcount through attrition and hiring freezes, and job cuts. Still, a rebound in the sector is expected this year.

“Demand is at the early stages of recovery, and production execution is relatively stable compared to January, as panellists’ companies begin to prepare for expansion,” said Timothy Fiore, chair of the ISM manufacturing business survey committee.


Leave a Comment