US ISM Manufacturing Index (Feb. 2026)

The essentially unchanged level of the ISM Manufacturing Index in February, after the prior month’s surge, suggests that the domestic factory sector is benefiting from stronger global conditions tied to the AI buildout. The surge in the prices paid index to its highest level since June 2022 will raise some eyebrows at the Fed, however, as it suggests further goods inflation pressures were in the pipeline even before factoring in the surge in oil prices due to events in the Middle East.