The February S&P Global US Manufacturing PMI rose to 52.2 from 50.7 in January, signaling the strongest improvement in operating conditions since July 2022. The latest reading was higher than the forecast reading of 51.5, and above the 50-mark separating expansion from contraction. “Manufacturing is showing encouraging signs of pulling out of the malaise that has dogged the goods-producing sector over much of the past two years”, said Chris Williamson, chief business economist at S&P Global Market Intelligence. “After a long spell of reducing inventories in order to cut costs, factories are now increasingly rebuilding warehouse stock levels, driving up demand for inputs and pushing production higher at a pace not seen since early 2022. There are also signs of stronger demand for consumer goods, linked in part to signs of the cost of living crisis easing.”
