The overall economy failed to grow for the fifth straight month after 83 months of expansion, while the manufacturing sector was contracted for the 13th month in a row, the Institute for Supply Management reported yesterday.
According to the ISM’s monthly report on business, the ISM index gained to 35.8 in February from 35.6 in January.
Economists polled by Thomson Reuters predicted the index would fall to 33.8.
The closely watched prices paid index remained at 29.0. The employment index was at 26.1, down from 29.9.