US Manufacturing PMI Hits Seven-Month Low

US Economic Activity Slows in February The Manufacturing Purchasing Managers' Index (PMI) in the United States fell to 51.2 in February, coming in below market expectations.
S&P Global released the preliminary manufacturing, services, and composite PMI data for the month.
According to the data, the manufacturing PMI decreased by 1.2 points compared to the previous month.
Although the index dropped to its lowest level in seven months, it continued to signal expansion in the manufacturing sector.
Market analysts had expected the index to remain at the January level of 52.4.
Services and Composite Indices Also Decline The US services sector PMI decreased by 0.4 points on a monthly basis to 52.3 in February.
While this represents a 10-month low, the index still indicated growth in the services sector.
Market expectations for the services PMI were set at 53, following a reading of 52.7 in January.
The composite PMI, which tracks both the manufacturing and services sectors, fell by 0.7 points to 52.3 in February, marking its lowest value in 10 months.
The composite index had stood at 53 in January.
PMI readings above 50 indicate expansion in the sector, while values below 50 signal contraction.