Feb PMI at 56.7, highest since 2010

[WASHINGTON] US manufacturing growth accelerated to the highest level in February since May 2010, suggesting that the slowdown seen earlier this year from winter weather may be temporary, according to the flash Markit manufacturing purchasing managers index (PMI) released yesterday.

The gauge rose to 56.7 from 53.7 in January, which was a three-month low.

"The flash manufacturing PMI provides the first indications that production has rebounded from the weather-related slowdown seen in January," said Chris Wiilliamson, chief economist at Markit. PMI readings above 50 signal an increase in activity.