Manufacturing data better than expected

The nation’s manufacturing sector expanded in February, reversing the prior month’s contraction, a trade group said Thursday.

The Institute for Supply Management, based in Tempe, Ariz., said its manufacturing index registered 52.3 in February, above the January reading of 49.3 and Wall Street’s expectation of 50.

A reading above 50 indicates growth for the sector. However, the data appeared to provide only marginal solace to investors, who have become skittish about a slowing economy in the U.S. and in China.

Following an initial decline of 200 points early Thursday morning, the Dow Jones industrial average recovered somewhat after the ISM data were released.

The February manufacturing data continued an alternating pattern for the ISM index, which showed contraction in November, then rebounded in December, only to fall back again in January.

The ISM survey found that new orders, production, and employment all expanded, while order backlogs also grew.

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“February proved to be a good month in the manufacturing sector,” Norbert J. Ore, chair of the ISM, said.

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The ISM report said that employment in the manufacturing sector rose in February, with a reading of 51.1 compared with 49.5 in January.

The new orders index rose substantially to 54.9 from 50.3 in January, while the production index increased to 54.1 from 49.6.

The order backlogs index jumped to 51.5, from 43.5 in January.