Best Financial Markets Analysis Article The composite index of ISM manufacturing survey rose to 61.4 in February from 60.8 in the prior month. Indexes tracking new orders, production, employment, vendor deliveries, exports, and prices advanced in February. The composite index is highest since May 2004 (see Chart 4). The advances in production, new orders, employment, and exports are noteworthy.

The manufacturing composite index advanced two months has a strong positive relationship with factory production (see Chart 5), implying that factory production is likely to show a strong performance in the near term.

Overseas, the composite index of the Chinese factory sector (52.2 vs. 52.9 in January) posted the third consecutive monthly decline; however, the level of the index suggests continued growth at a decelerating pace (see Chart 6). Factory activity in India (57.9 vs. 56.8 in January), Brazil (54.6 vs. 53.1 in January), Japan (52.9 vs. 51.4 in January) and the Euro zone (59.0 vs. 57.3 in January) rose in February.

Asha Bangalore — Senior Vice President and Economist

http://www.northerntrust.com

Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.

The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.

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