U.S. Businesses Show Fastest Output Growth in 6 Years: PMI

Businesses in the United States showed their strongest monthly output expansion in about six years this month, data showed on Friday.

As the American economy is recovering from the impact of the Coronavirus pandemic, the service sector activity expanded and the manufacturing sector maintained output growth at a slightly slower pace than last month.

The seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index rose to 58.8 in February, up from 58.7 in January.

This marked the biggest growth for the sector’s purchasing managers index (PMI) since March 2015.

Meanwhile, the seasonally adjusted IHS Markit Flash U.S. Services PMI Business Activity Index registered 58.9 in February, up from 58.3 in January.

Similarly, the IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) declined to 58.5 this month, from 59.2 in January.