The ISM manufacturing PMI came in above expectations at 52.4 in February and held in expansionary terrain for a second straight month. The New Orders Index stayed above the 50-mark, and production also expanded. Meantime, the Backlog of Orders Index catapulted to 56.6, the highest level since mid‑2022. Together, these gauges would suggest demand is firming up… but that’s where the good news ends. Although the Employment Index increased 0.7 pts to 48.8, it has held in the contraction zone for more than two years. Meanwhile, despite imports strengthening notably for a second straight month (54.9, highest since Feb ... (full story)