The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Monday. The index declined to 52.9 in February from 53.5 in January, missing expectations for a decline to 53.4. That was the lowest reading since January 2014.

A reading above 50 indicates expansion, below indicates contraction.

Most components of the index fell, showing a slow growth in the manufacturing sector.

Energy industry was hurt by lower oil prices.

The new orders index fell to 52.5 in February from 52.9 in January.

The prices paid index remained unchanged at 35 in February. The employment index decreased to 51.4 from 54.1.