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Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Tuesday. The U.S. final manufacturing purchasing managers' index (PMI) decreased to 51.3 in February from 52.4 in January, up from the previous estimate of 51.0.
A reading above 50 indicates expansion in economic activity.
The index was driven by a slower pace of growth in output and new orders.
"The February data add to signs of distress in the US manufacturing economy. Production and order book growth continues to worsen, led by falling exports. Jobs are being added at a slower pace and output prices are dropping at a rate not seen since mid-2012," Markit's Chief Economist Chris Williamson said.
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