A measure of factory activity in the U.S. Upper Midwest slipped in February from its highest level in more than two years but still showed a fourth consecutive month of manufacturing growth in the region, according to a private survey released on Tuesday.
Marquette University and the Institute for Supply Management-Milwaukee said their seasonally adjusted index on manufacturing in the Milwaukee region declined to 58.69 from 59.81 in January, which was its strongest since November 2014.
Continue Reading Below
A reading above 50 indicates regional factory activity is expanding.
The survey's component on new orders, a proxy on future activity, decreased to 62.76 from 65.50 last month, while its production gauge jumped to 69.83 from 62.50.
The employment index retreated to 52.48 from last month's 58.60, while the six-month outlook gauge stepped down to 72.50 from 74.19.
The survey's price barometer jumped to 81.82 from January's 73.33.
The university and ISM-Milwaukee discontinued their survey last May and resumed publication in October.
(Reporting by Richard Leong; Editing by Lisa Von Ahn)