PMI Manufacturing Index
Released On 3/3/2014 8:58:00 AM For Feb, 2014
Prior Actual
Level 53.7 57.1
Highlights
Markit's US manufacturing sample reported a sharp upturn in growth during February, at a composite 57.1 vs 53.7 for January. The mid-month flash reading for February was 56.7.
February's strength is centered in the most important component of all, new orders which jumped to 59.6 from January's 53.9. Domestic orders made for the bulk of the gain as new export orders show much less growth, at 51.6 which however is noticeably above January's contractionary rate of 48.4. Backlog orders are also a standout in February, up a very strong 8.7 points to 57.9.
February's heavy weather didn't hold down output in the slightest, at 57.8 for a 4.2 point gain. Supplier deliveries did slow in the month but not by much. Weather also didn't hurt employment, which rose 9 tenths to 54.1 which is very solid for this reading.
This report slowed sharply in January which made for easy comparisons that may overstate February's strength. Still, the news is good for the manufacturing sector. Later this morning at 10:00 a.m. ET, ISM's report on manufacturing will be posted with the Econoday consensus calling for a slight uptick, to 51.9 vs what was a surprisingly weak 51.3 in January.
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