Business News Asia
The Institute of Supply Management (ISM) announced that the U.S. manufacturing Purchasing Managers Index (PMI) rose to 58.6 in February from 57.6 in January.
The rise in the PMI was driven by the easing of supply chain bottlenecks. This also includes the rise in new orders and employment.
The PMI remains above 50, indicating an expansion of the manufacturing sector in the US.
In addition, the U.S. announced that construction spending increased in January.
According to the U.S. Commerce Department, construction spending rose 1.3% in January, following a 0.8% month-over-month increase in December.
Year-on-year construction spending rose 8.2% in January.
Private sector construction spending increased 1.5% in January, with spending on private residential projects up 1.3% and spending on nonresidential projects up 1.8%.
Spending on public projects increased 0.6% in January, while spending on federal programs increased 13.8%. Spending on state and local programs fell by 0.5%.