US: Markit Manufacturing PMI drops to 53.7 in February (preliminary) vs 54.7 expected

"Adjusted for seasonal influences, the IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index dipped to 53.7 in February from 54.9 in January, to signal the slowest improvement in business conditions since September 2017," the IHS Markit reported on Thursday.

Key takeaways from the press release

• Despite a slowdown in production and new order growth, latest data signalled another solid upturn in manufacturing employment.
• Tim Moore, Associate Director at IHS Markit: The main worrying development was the loss of momentum reported by manufacturing companies in February.
  • Nonetheless, relatively strong domestic business conditions mean that US manufacturers remain on a much more positive trajectory than the recent downbeat production trends signalled by IHS Markit’s Manufacturing PMI surveys across Europe and Asia.
• At 56.2, up from 54.2 in January, the seasonally adjusted IHS Markit Flash U.S. Services PMI™ Business Activity Index indicated the sharpest upturn in activity since June 2018.