The Institute for Supply Management reported that the ISM manufacturing index came in well below expectations last month, falling from 54.1 in January to 52.4 in February, as prices paid was one of only a few categories to post an increase.

The important new orders index fell from 57.6 in January to 54.9 last month, still indicating solid growth as readings above and below 50 indicate expansion and contraction, respectively. Production fell from 55.7 to 55.3, employment fell from 54.3 to 53.2, and prices paid rose a full six points, from 55.5 to 61.5.