Manufacturing grows at slower pace in February Mar 1 11:13 AM US/Eastern WASHINGTON (AP) - Manufacturing activity grew more slowly in February as factories received fewer new orders and paid higher prices for raw materials. The Institute for Supply management, a trade group of purchasing managers, says its manufacturing index fell last month to 52.4 from 54.1 in January. It was the lowest reading since November. Any reading above 50 indicates expansion. New orders increased, but at a far slower pace than the month before. Production and employment also grew more slowly. Exports increased sharply, a sign that Europe's debt crisis has not yet dampened overseas sales by U.S. factories as many had feared. The sector has expanded for 31 straight months, according to the index.