ISM: Manufacturing rebound continues as industrial sector grows in Feb., but at slower pace

Manufacturing grows in Feb., but at slower pace

NEW YORK — An industry trade group says the manufacturing sector expanded in February for the seventh straight month, but at a slower pace than in the previous month.

The Institute for Supply Management said Monday its manufacturing index read 56.5 last month, slightly slower than the 58.4 growth in January. It was also slower than the 58 level expected by economists polled by Thomson Reuters.

A reading above 50 indicates expansion. It was the seventh consecutive month of growth.

ISM says its employment measure grew for the fourth time in five months.

A pickup in business investment in equipment and software, increases in exports and slower cutbacks of inventories is helping drive production gains.