Highlights
Activity in the manufacturing sector slowed in February based on the ISM's composite index which came in at 52.4, above 50 to indicate monthly growth but below January's 54.1 to indicate a slower rate of monthly growth.

New orders slowed, to 54.9 vs 57.6, as did backlogs, at 52.0 vs 52.5. Production also slowed, 55.3 vs 55.7, as did employment, at 53.2 vs 54.3. But February's rates are respectable and not that much different than January.

A speeding up in delivery times is a major factor behind the slowing in the composite index, while a big plus in the report, and a surprising plus given troubles in Europe, is a jump in new export orders to 59.5 vs 55.0. Inventory readings are lean and stable.

Rumors were swirling in the financial markets this morning that today's report would show sharp acceleration in growth, not a slowing. This report, especially following Tuesday's dramatic drop in durable goods orders, points to easing momentum for what has proven to be the backbone of the nation's economic recovery. The Dow is moving off opening highs following today's results.

Market Consensus before announcement
The composite index from the ISM manufacturing survey in January rose to 54.1, 1.0 point over December to indicate a slightly faster rate of expansion. A key highlight of the report was the new orders index which rose 2.8 points to 57.6 to indicate a little bit more than just a moderate rate of monthly expansion. In another positive, backlog orders increased 4.5 points to show a build at 52.5.

2012 Release Schedule

Released On: 1/3 2/1 3/1 4/2 5/1 6/1 7/2 8/1 9/4 10/1 11/1 12/3 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov