US Manufacturing PMI Climbs To 17-Month High

The US Manufacturing Purchasing Managers' Index (PMI) rose in February to its highest in 17 months, global data provider S&P Global said Thursday in a report.

The index, which measures the activity level of purchasing managers in the manufacturing sector, rose 0.8 points to 51.5 in February, up from 50.7 in January, according to the initial figures.

The expectation for the index was to come in at 50.5.

A reading above 50 indicates expansion and below 50 shows contraction.

The pace of expansion in business activity was the second-fastest since July 2023 as manufacturers and service providers recorded growth in output, according to the report.

"Goods producers signaled the steepest rise in new orders since May 2022, as customer demand improved for a second month running," it said. "At the same time, stronger demand conditions in manufacturing drove a return to growth in new export orders." -