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United States PMI February 2023

United States: Composite PMI hits highest reading since June 2022 in February

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) rose to 50.2 in February from January’s 46.8. February’s result marked the strongest reading since June 2022. As a result, the index rose above the 50.0 no-change threshold, signaling an improvement in private sector operating conditions from the previous month.

The Manufacturing PMI came in at 47.8 in February, up from January’s 46.9. Lastly, the services PMI activity index rose to 50.5 in February (January: 46.8). Across the private sector as a whole, in February employment growth accelerated, the contraction in new orders eased and input cost inflation ebbed. Moreover, business sentiment rose to the highest level since May 2022.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said:

“Despite headwinds from higher interest rates and the cost-of-living squeeze, the business mood has brightened amid signs that inflation has peaked and recession risks have faded. At the same time, […] delivery times for inputs into factories are improving at a rate not seen since 2009. However, there are some caveats to the good news. The upturn is being driven by the services sector, which in part reflects unseasonably warm weather, and although the manufacturing survey data are showing signs of improvement, the factory sector remains in contraction and focused on inventory reduction.”

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