Source: IHS Markit
The output of private firms in the United States grew to a two-month high in February, as demand recovered from disruptions bought about by the COVID-19 pandemic.
- The Flash US Composite Output Index stood at 56.0 in February, up from the 18-month low of 51.1 in January.
- Firms reported a recovery in demand, with the growth led mainly by services firms with their index up to 56.7 in February from 51.2 in February.
- Manufacturing output jumped to a two-month high of 57.5 from 55.5 in February, while manufacturing output climbed to a two-month high of 52.5 from 50.5.
- The data reflected the strong growth in new business which grew at the fastest pace in seven months as the pandemic retreated.
- Prices charged for goods and services grew at an all-time high, with firms passing on the additional costs to their clients.
- Private sector employment grew for the 20th straight month, with the growth the strongest since May 2021 due to new work and output requirements.