US Feb manufacturing PMI continued to increase

According to data from Markit IHS, US Manufacturing PMI continued to expand to be reported at 54.2 in February on the back of the improvement in business conditions, although it lagged behind the 22-month-high of 55 in January.

The expansion was attributed to the improving domestic economic conditions and an increase in investment spending among energy sector clients.

The data also showed that the rate of job creation fell only slightly in February from a month earlier but it was still high, which caused manufacturers to hire more staff and increase their purchasing activity.

Plus, there was a jump in prices for raw materials in the manufacturing sector, which was reflected in average prices the manufacturing companies charged.