Close up of automated biscuit cookies shape forming machine. Selective focus. machine for making cookies in the factory. Conveyor belt with Cookie dough.

U.S. manufacturing economic activity continued to contract for the fourth consecutive month in February, according to the latest manufacturing ISM report. The manufacturing PMI registered as 47.7%. This is 0.3 percentage points higher than January’s 47.4%.

Food, beverage, and tobacco reported contraction along with 13 other industries. The industry also reported a decrease in production, a decrease in employment, slower supplier deliveries, and low customer inventories. The prices index rose 6.8 percentage points to 51.3% from January’s 44.5%.

One industry respondent remarked, “Expect the first half of 2023 in the U.S. to be slower than the second half. Expect slower orders throughout 2023 for Europe.”

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