A closely watched manufacturing survey showed economic activity continuing to contract.
An employee at a workstation on the assembly line at the Atom Power headquarters in Huntersville, North Carolina. Photo: Rachel Jessen/Bloomberg via Getty Imagesfor more signs that January's economic rebound extended into February, a closely watched manufacturing survey showed activity continuing to contract, though at a slower pace.
There were also some early signs of rebounding demand — and hope that this demand would accelerate later this year.Overall, the Institute for Supply Management's Purchasing Managers' Index remained in territory that suggests contracting output — only a marginal improvement from January's level .America's factories saw increased demand, with the new orders index jumping by 4.5 percentage points .
Yet manufacturing employment did cool relative to January, at least according to the survey. A sub-index that gauges hiring activity dipped into contraction territory , following two months of expansion.
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