An index above 50 indicates a pick-up in manufacturing activity, while a figure below 50 shows contraction.

    Halpim noted that February is usually a month seeing at least some growth although the February indices were only slightly above 50 in the last few years.

    The unadjusted index rose sharply to 55.3 in February from 50.0 in January.

    Of the five PMI sub-indices only delivery time was below 50 in February, dropping 2.1 to 48.7, reflecting a lenthening of delivery periods. The index of production volume, in contrast, jumped 6.1 points to 62.8, and the index of new orders also rose further, by 3.6 points to 59.9. Employment also rose at a bigger pace as the respective index increased 2.5 points to 52.8well as the employment index rose sharply further, and only the index of purchased stock indicated slower growth compared to January.