Four out of five of the subcomponents of the headline index declined. The exception was inventories, which increased to 53.4 from 52.8. The new orders index decreased to 55.5 from 58.2, production fell to 54.8, and supplier deliveries continued its slide to 54.9. The employment measure dropped to 52.3, a two-year low. Of note, the new export order index rose 1.0 point to 52.8, perhaps reflecting some easing in trade tensions. All of these levels are consistent with continued, but slower growth in manufacturing activity and hiring.

Despite a rebound in commodity prices, the prices paid index – which is not seasonally adjusted – edged down to 49.4 in February, the lowest reading in three years. Only 20.0% of respondents reported paying higher prices, the smallest percentage since November 2016.

The ISM figures are diffusion indexes where a reading above 50 indicates expansion. The figures from the Institute for Supply Management can be found in Haver's USECON database; further detail is found in the SURVEYS database. Commodity prices can be found in USECON as well as the CMDTY database. The expectations number is available in Haver's AS1REPNA database.