US manufacturing PMI rises in February

By Ovunc Kutlu

ANKARA (AA) - US Manufacturing Purchasing Managers Index (PMI) rose in February to beat market estimates, London-based global data provider IHS Markit said in a report on Tuesday.

The index, which measures the activity level of purchasing managers in the manufacturing sector, rose 2 points to 57.5 in February, up from 55.5 in January, according to preliminary figures.

The market expectation for the index was 56.0.

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

US economy rebounds from omicron wave, but output prices rise at a survey record pace, according to the report.

"The pace of economic growth accelerated sharply in February as virus containment measures, tightened to fight the Omicron wave, were scaled back. Demand was reported to have revived and supply constraints, both in terms of component availability and staff shortages, moderated," according to IHS Markit Chief Business Economist Chris Williamson.

US Services PMI also rose to 56.7 in February, up 5.5 points from 51.2 in January, according to preliminary figures. The market expectation was 53.0.

US Composite PMI, which includes both manufacturing and services, increased to 56.0 in February – up 4.9 points from 51.1 in January.