US S&P Global final February manufacturing PMI 47.3 vs 47.8 prelim | Forexlive

• Prelim was 47.8
• January final was 46.9
• The rate of inflation accelerated for the second month
• Fastest job growth in five months
• New orders fell further
• Lower sales attributed to destocking
• New export orders down for 9th month

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

“US manufacturing remained under intense pressure in February. Although the PMI rose slightly, it continues to signal the steepest downturn outside of pandemic lockdown months since 2009. “Moreover, some of the improvement in output could merely be attributed to faster supplier delivery times, which quickened to the greatest extent since 2009 to facilitate higher production and enable factories to work through previously placed orders. The worry is that new order inflows continue to fall sharply as many companies report disappointing sales, linked in part to a sustained trend towards cost-saving inventory reduction and low levels of confidence at their customers, both at home and abroad. None of this points to a healthy economic situation.

“There was some brighter news in that factory jobs growth picked up slightly amid reports of greater success in filling vacancies, and the improvement in supply chains helped reduce input cost inflation. However, rising wage pressures and efforts to raise margins meant average prices for goods leaving the factory gate rose sharply once again, the rate of inflation accelerating for a second straight month to hint at stubbornly high price pressures.”