ISM Manufacturing Index Shows Impact of Snow
The details of Institute for Give Management’s manufacturing report offered an ahead of schedule look at how February?s snow storms affected the economy.
The overall decline in the ISM?s headline index was driven by a drop in the ISM?s production index, which fell to 58.4 from 66.2. (That means production grew, but at a slower rate.) Meantime, the supplier delivery index showed that deliveries to manufacturers were slower, and the backlog of orders index showed that more manufacturers had unfilled orders piling up.
Place it all together, and you can tell a tale of heavy snow snarling shipments to and from manufacturers, slowing down production progression.