S&P Global’s Purchasing Managers Index–or PMI–has recorded a second consecutive month of growth in February increasing from 50.3 in January to 50.4 in February. Anything above 50 is considered a signal the sector is growing less than 50 and it is shrinking.
Key takeaways
- Business optimism reached a 12-month high–55 percent.
- New orders increased;
- Growth was seen in consumer and investment goods;
- There was a fall in intermediate goods;
- Firms depleted their inventories rather than order new supplies;
- Selling prices went up;
- Staffing levels expanded but many were hired only on a temporary basis; and
- Input costs increased.