ISM Factory Index Shows Contraction in February

The Institute for Supply Management’s manufacturing index contracted last month, ISM said Monday.

ISM’s factory index fell to a reading of 48.3, from 50.7 in January, the group said. Readings above 50 indicate expansion.

The February reading was the lowest in almost five years.

The survey’s new orders index fell to 49.1, from 49.5, while the production index fell to 50.7, from 55.2, ISM said.

Economists had forecast the survey would fall to a 48 reading, Bloomberg reported.

The factory sector is one of trucking’s largest and most important customers.