Purchasing Managers Index Increases to 61.1 in February 2023

The Purchasing Managers Index (PMI) for the month of February 2023 was 61.1, 21% higher than the previous month of January 2023 PMI of 50.5 and compared to February 2022 with a PMI of 57.9 is 5.5% higher. For context the PMI is a measure of the economic course the manufacturing sector experiences where a value of 50 on the PMI indicates no change, a value above 50 indicates growth, and a value below 50 indicates a contraction.