P.M. BRIEFING : Economy Declines in February, but at Lowest Rate Since June

The U.S. economy declined in February for the 10th consecutive month, but at the lowest rate since last June, according to a survey of the nation’s purchasing managers released today.

The National Assn. of Purchasing Management’s index rose to 48.3% in February, up from 45.2% in January, the trade association said.

A reading below 50 indicates that the U.S. manufacturing economy is generally declining, above 50 that it is generally expanding.

The February reading was the highest since June’s 48.8%, the group said from its headquarters in Tempe, Ariz.

The new-orders portion of the survey increased for the first time since May, while production registered an increase for the first time since June. In addition, both new-export orders and imports continued to show increases, the group said.

The employment portion of the survey declined for the 12th consecutive month, but the rate of decline was the lowest since June.