The ISM Manufacturing PMI fell -0.6 pts to 50.3 in February, below expectations of a 50.5 reading.

• The New Orders index dropped -6.5 pts to 48.6, and the Production index fell -1.8 pts to 50.7.
• Employment flipped back to contraction after one month of slight growth, down -2.7 pts to 47.6.
• Prices jumped 7.5 pts to 62.4, the highest since June 2022, as manufacturers see a rapid rise in costs from trade uncertainty.
• New Export Orders eased slightly, by -1.0 pts to 51.4, and Imports increased 1.5 pts to 52.6.
• The comments include six mentions of tariffs that highlight new uncertainty that the import duties will create.