NEW YORK--The Institute for Supply Management (ISM), formerly known as the National Association of Purchasing Management, recently reported a rise in its index of business activity.

The index rose to 54.7 in February from 49.9 January.

An index above 50 signifies expansion, while a figure below 50 shows contraction.

The index is based on a survey of purchasing executives who buy the raw materials for manufacturing at more than 350 companies.

Of the industries tracked by the ISM, 14 reported growth in February.